BNY, Citadel Securities complete Treasury repo in first use of tokenized assets on major triparty platform

A tokenized 2-year U.S. Treasury settled within minutes on BNY's private ledger before being used as collateral in an overnight repo with Citadel Securities.

By Brian Danga • Edited by James Hunt
Business•October 14, 2026, 9:21AM EDT
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BNY, Citadel Securities complete Treasury repo in first use of tokenized assets on major triparty platform

Quick Take

  • BNY and Citadel Securities said they completed a triparty repo workflow using a tokenized 2-year U.S. Treasury that settled within minutes.

BNY said Tuesday it completed a triparty repo workflow with Citadel Securities using a tokenized representation of a U.S. Treasury, marking the first use of tokenized assets on a major triparty repo platform.

Citadel Securities bought a 2-year U.S. Treasury note through BNY on Tradeweb, the bank said in a statement. BNY recorded a tokenized version of the note on its private digital ledger, settling it within minutes rather than the standard T+1 cycle. Citadel then used the tokenized Treasury as collateral in an overnight triparty repo, receiving cash from BNY in return. 

"This transaction demonstrates what becomes possible when tokenized assets are used in institutional workflows," Carolyn Weinberg, Chief Innovation & Market Transformation Officer at BNY, said. "By using a tokenized representation of a U.S. Treasury across both settlement and financing, we are enabling a more connected, efficient, and always-on financial system.”

Broader industry push 

The development follows BNY’s January launch of a tokenized deposit service for institutional clients, including Citadel Securities, ICE, and Ripple Prime. That service creates blockchain-based representations of client deposits held at the bank for uses including collateral and margin transactions.

Other large banks are also pursuing similar infrastructure. JPMorgan launched its JPM Coin deposit token for institutional clients in November 2025, while a consortium of major U.S. banks, including JPMorgan and Citigroup, plans to introduce a tokenized deposit network as early as the first half of 2027, The Wall Street Journal reported in June.

Meanwhile, BNY said it plans to introduce additional digital cash and tokenized deposit capabilities for institutional settlement and financing. It also expects to extend operating hours for settlement platforms handling Federal Reserve-eligible securities and U.S. triparty transactions, with expansion into European and Asian trading hours planned for next year.