BNY, Citadel Securities complete repo trade using tokenized U.S. Treasurys

BNY, formerly Bank of New York Mellon, and Citadel Securities have completed a triparty repurchase agreement transaction using tokenized U.S. Treasurys. Citadel Securities bought a two-year U.S. Treasury through BNY on the Tradeweb platform, with the tokenized form of the security recorded on BNY’s private digital ledger, and settlement was completed within minutes. Citadel Securities then raised funding through an overnight triparty repo using the Treasury as collateral, while BNY provided the cash. BNY also announced plans to roll out digital cash and deposit token functions to support on-chain settlement and financial transactions, and to expand the operating hours of its existing settlement platform to European and Asian trading hours next year.