BNY Mellon

Several companies, including BNY Mellon, Charles Schwab, Chipotle, and Turning Point USA, have pledged to contribute $1,000 to eligible employees' Trump Accounts, which will launch in July and provide $1,000 government deposits for children born between 2025 and 2028. Companies can contribute up to $2,500 annually to these accounts.

A financial app for managing accounts associated with Donald J. Trump, developed by Robinhood and BNY Mellon, is set to launch and will be available on Apple and Google app stores.

A scammer impersonated a Colgate-Palmolive employee to steal $751,430 from a 401(k) account, highlighting the vulnerability of retirement plans to identity theft. The incident led to a lawsuit against Alight Solutions, Colgate's benefits committee, and BNY Mellon. The Government Accountability Office has called for new guidance on protecting retirement plan participant data.

Morgan Stanley launched its Bitcoin Exchange-Traded Product (MSBT), emphasizing Bitcoin's early-stage potential and addressing educational gaps among investors. Amy Oldenburg, the bank’s head of digital assets, highlighted the need for clarity around Bitcoin's role in portfolios and noted slow adoption by advisors despite a 2–4% crypto allocation recommendation.

Wanchain has enabled cross-chain functionality for RLUSD, a regulated stablecoin custodied by BNY Mellon and approved by NYDFS and OCC, across XRP Ledger, Ethereum, Wanchain, and Cardano. The decentralized bridge allows DeFi applications like cross-chain lending, arbitrage, and yield farming without centralized exchanges.

Crypto markets remain flat with BTC at $90,600 and ETH rising 1%. Jerome Powell claims Trump-related interest rate pressures led to his criminal charges, while A16z raises $15B for AI/crypto investments. Ripple gains UK approval, BNY Mellon launches tokenized deposits, and Tether freezes $182M in Venezuela-linked USDT.