BNY completes tokenised Treasury repo workflow with Citadel

• BNY has completed a tokenised US Treasury triparty repo workflow with Citadel Securities.
• The transaction uses tokenised assets within existing financial market infrastructure.
• The milestone demonstrates how tokenisation can support collateral management and settlement processes.

BNY has completed the workflow with Citadel Securities, using a tokenised two-year US Treasury note that settled within minutes before serving as collateral in an overnight triparty repo.

The transaction marks the first use of tokenised assets on a major triparty repo platform, connecting trade execution, settlement and short-term financing.

“This transaction demonstrates what becomes possible when tokenized assets are used in institutional workflows,” BNY Chief Innovation and Market Transformation Officer Carolyn Weinberg said in a statement.

The workflow replaces the standard T+1 settlement cycle for the tokenised Treasury representation with settlement within minutes on BNY’s private digital ledger.

BNY plans to introduce additional digital cash and tokenised deposit capabilities to support on-chain settlement and financing for institutional clients.

The bank also expects to extend settlement platform operating hours for eligible US securities and triparty transactions into European and Asian trading hours next year.

BNY oversees $62.6 trillion in assets under custody or administration and manages $2.2 trillion in assets, according to figures dated 30 June 2026.

Following the announcement, The Bank of New York Mellon Corporation (NYSE:BNY) shares were down 1.27% at $141.03.