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10/15/2026

BNY and Citadel Securities Complete First Tokenized Treasury Repo on Major Triparty Platform

What happened: BNY and Citadel Securities executed the first tokenized U.

BNY and Citadel Securities Complete First Tokenized Treasury Repo on Major Triparty Platform

What happened: BNY and Citadel Securities executed the first tokenized U.S. Treasury repo on a major triparty platform. Citadel purchased a 2-year Treasury note via BNY on Tradeweb, which BNY then tokenized on its private digital ledger. The tokenized note was used as collateral in an overnight repo, with settlement completed in minutes instead of the standard T+1 timeline. The transaction value was not disclosed.

Why it matters: This milestone demonstrates the operational efficiency and potential risk reduction of tokenized collateral in traditional finance. While similar pilots have occurred, BNY’s claim of “first on a major triparty platform” highlights growing institutional adoption. The move is part of a broader industry push, with over 50 firms targeting live tokenized repo trials by 2027, and signals that tokenization is moving beyond experimentation toward real-world settlement infrastructure.

Source: The Block