BNY and Citadel Securities Complete Tri-Party Repo Transaction Using Tokenized U.S. Treasuries

PANews, October 14 — According to an official press release from BNY, BNY and Citadel Securities have completed a tri-party repo transaction process using tokenized U.S. Treasuries, marking the first time tokenized assets have been used on a major tri-party repo platform. Citadel Securities purchased a 2-year U.S. Treasury note through BNY on the Tradeweb platform, with the tokenized representation of the note recorded on BNY's private digital ledger and settled within minutes rather than the standard T+1 settlement cycle; Citadel Securities then used it as collateral for overnight tri-party repo financing, with BNY providing the cash. BNY stated that it plans to introduce more digital cash and tokenized deposit capabilities to support on-chain settlement and financing, and expects to extend the operating hours of its traditional settlement platform to European and Asian trading sessions next year.