BNY and Citadel Securities completed a triparty repo using a tokenized 2‑year U.S. Treasury that settled in minutes on BNY’s private ledger. Citadel bought the note through BNY on Tradeweb; BNY recorded a blockchain version and used it as collateral in an overnight repo, receiving cash from BNY. This marks the first use of tokenized assets on a major triparty repo platform. The transaction builds on BNY’s January tokenized deposit service for institutional clients and follows similar projects at JPMorgan and a planned bank consortium network expected in early 2027. BNY says it will add more digital cash and tokenized deposit tools and extend settlement hours to cover European and Asian trading sessions next year. BNY officials said using tokenized Treasuries across settlement and financing enables a more connected, efficient, and always‑on financial system.

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