Citadel Securities and BNY Complete Tokenized US Treasury Repo Transaction

TREE NEWS reports: Citadel Securities and Bank of New York Mellon (BNY) have completed a repo transaction involving tokenized US Treasuries. The overnight repo transaction used tokenized 2-year US Treasuries as collateral, with BNY supplying cash. According to BNY, this marks the first time tokenized assets have been used on a major triparty repo platform. The US Treasuries were purchased through Tradeweb, and the tokenized version settled in minutes, compared with the traditional T+1 cycle.