Wall Street’s plumbing just moved—not by publishing a white paper, but by actually running tokenized Treasuries through mainstream triparty repo.
According to a BNY press release (2026-10-13): BNY and Citadel Securities completed a triparty repo transaction involving tokenized U.S. Treasuries, which they described as the first use of tokenized assets on a major triparty repo platform. The process went roughly like this: Citadel bought a 2-year Treasury through BNY on Tradeweb → it was recorded as a tokenized security on BNY’s private digital ledger and settled within minutes (compared with the standard T+1) → the tokenized Treasury was then used as collateral for an overnight triparty repo, with BNY providing the cash.
The point isn’t “another pilot”; it’s that settlement and financing are linked into the same digital workflow, shortening the gap between a collateral transaction and the collateral becoming available for refinancing. BNY also mentioned plans to add digital cash/tokenized deposit capabilities and extend traditional settlement and U.S. tri-party trading hours into Eurasian hours. CoinDesk published a report echoing this on the same day.
This is a practical implementation by a custody giant and a market maker in the Treasury collateral pipeline—not retail hype. This is not investment advice.