BNY completes tokenised US Treasury triparty repo workflow
14 October 2026 US
Image: Irina.Pl/stock.adobe.com
BNY has completed a triparty workflow with Citadel Securities using a tokenised representation of a US Treasury.
Citadel Securities purchased a 2-year US Treasury note through BNY on Tradeweb, and following execution, a tokenised representation of the security was recorded on BNY’s private digital ledger, settled within minutes.
The Treasury was then used by Citadel Securities as collateral in an overnight triparty repo, with BNY providing cash in return.
BNY says this is the first use of a tokenised asset on a major triparty repo platform.
According to BNY, the transaction demonstrates how tokenised US Treasuries can move through institutional market activity in a “connected digital workflow”.
Speaking on the initiative, Carolyn Weinberg, chief innovation and market transformation officer at BNY, says: “By using a tokenised representation of a US Treasury across both settlement and financing, we are enabling a more connected, efficient and always-on financial system.”
Brian Ruane, global head of clearance and collateral management, credit services and corporate trust at BNY, comments: “As Treasury market activity becomes more continuous, the infrastructure supporting liquidity, funding and collateral has to keep pace.
“This transaction shows how tokenised collateral can help reduce friction while still using the trusted market structure participants rely on.”
Laide Majiyagbe, global head of markets at BNY, remarks: “As global markets move faster, having the right asset, in the right place, at the right time is critical for our clients.
“We are excited to work with Citadel Securities to leverage our trusted end-to-end ecosystem at BNY to achieve this objective for our clients.”
Dan Doherty, digital assets operations lead at Citadel Securities, adds: “By reducing friction across the trade lifecycle, innovations like this have the potential to improve how institutional markets operate.”
BNY plans to introduce additional digital cash and tokenised deposit capabilities, designed to support more efficient onchain settlement and financing activity for institutional clients.
The firm also anticipates it will extend operating hours for its TradFi settlement platforms for Fedwire-eligible securities and US triparty transactions, with the aim of operating in European and Asian trading hours in 2027.
Citadel Securities purchased a 2-year US Treasury note through BNY on Tradeweb, and following execution, a tokenised representation of the security was recorded on BNY’s private digital ledger, settled within minutes.
The Treasury was then used by Citadel Securities as collateral in an overnight triparty repo, with BNY providing cash in return.
BNY says this is the first use of a tokenised asset on a major triparty repo platform.
According to BNY, the transaction demonstrates how tokenised US Treasuries can move through institutional market activity in a “connected digital workflow”.
Speaking on the initiative, Carolyn Weinberg, chief innovation and market transformation officer at BNY, says: “By using a tokenised representation of a US Treasury across both settlement and financing, we are enabling a more connected, efficient and always-on financial system.”
Brian Ruane, global head of clearance and collateral management, credit services and corporate trust at BNY, comments: “As Treasury market activity becomes more continuous, the infrastructure supporting liquidity, funding and collateral has to keep pace.
“This transaction shows how tokenised collateral can help reduce friction while still using the trusted market structure participants rely on.”
Laide Majiyagbe, global head of markets at BNY, remarks: “As global markets move faster, having the right asset, in the right place, at the right time is critical for our clients.
“We are excited to work with Citadel Securities to leverage our trusted end-to-end ecosystem at BNY to achieve this objective for our clients.”
Dan Doherty, digital assets operations lead at Citadel Securities, adds: “By reducing friction across the trade lifecycle, innovations like this have the potential to improve how institutional markets operate.”
BNY plans to introduce additional digital cash and tokenised deposit capabilities, designed to support more efficient onchain settlement and financing activity for institutional clients.
The firm also anticipates it will extend operating hours for its TradFi settlement platforms for Fedwire-eligible securities and US triparty transactions, with the aim of operating in European and Asian trading hours in 2027.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities 91ԭƬ Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities 91ԭƬ Times
