BNY and Citadel Securities Complete First Tokenized U.S. Treasury Triparty Repo
BNY and Citadel Securities complete the first triparty repo transaction using a tokenized U.S. Treasury, cutting settlement from T+1 to minutes. This marks RWA's formal entry into Wall Street's most core funding channel—the repo market.
· 1 min read
On October 13, BNY (Bank of New York Mellon) and Citadel Securities completed a triparty repo workflow using a tokenized representation of a U.S. Treasury, marking the first use of tokenized assets on a major triparty repo platform. In the transaction, 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 settlement cycle. Citadel Securities then used the tokenized Treasury as collateral in an overnight triparty repo, with BNY providing cash in return.
Rhett Insight: This is the first practical application of tokenized assets on a mainstream triparty repo platform, marking RWA's formal entry from "peripheral pilot" into Wall Street's most core funding pipeline—the repo market. The settlement cycle shortened from the traditional T+1 to minutes, setting a benchmark for improving institutional capital efficiency.