Global financial firms are completing the first triparty repo workflow using a tokenized U.S. Treasury on a major platform.
The transaction shows how tokenized assets integrate into institutional workflows from execution through financing.
Citadel Securities purchased a 2-year U.S. Treasury note through BNY on Tradeweb.
A tokenized representation of the security was recorded on BNY’s private digital ledger and settled within minutes rather than the standard T+1 cycle, or one business day after the trade date.
The tokenized Treasury was subsequently used as collateral in an overnight triparty repo with BNY providing cash in return.
The trade represents the first use of tokenized assets on a major triparty repo platform, marking another step toward a more continuous, connected Treasury market
Carolyn Weinberg, Chief Innovation & Market Transformation Officer at BNY, highlighted the potential.
“This transaction demonstrates what becomes possible when tokenized assets are used in institutional workflows. By using a tokenized representation of a U.S. Treasury across both settlement and financing, we are enabling more connected, efficient and always-on financial system.”
Meanwhile, Dan Doherty, Digital Assets Operations Lead at Citadel Securities, stressed efficiency gains.
“Efficient movement of high-quality collateral is fundamental to well-functioning markets. We’re pleased to work with BNY on a practical use case that shows how tokenized U.S. Treasuries can move from settlement into financing more efficiently. By reducing friction across the trade lifecycle, innovations like this have the potential to improve how institutional markets operate.”
BNY plans to add digital cash and tokenized deposit capabilities to support more efficient on-chain settlement and financing activity for institutional clients.
As of June 30th, 2026, BNY oversees $62.6 trillion in assets under custody and/or administration and $2.2 trillion in assets under management.
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The post BNY Completes First Tokenized U.S. Treasury Triparty Repo with Citadel Securities appeared first on The Daily Hodl.
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