Citadel Securities and BNY Complete Tokenized U.S. Treasury Repo Trade

TREE NEWS update: Citadel Securities and BNY (Bank of New York Mellon) completed a tokenized U.S. Treasury repurchase transaction. Citadel Securities used tokenized two-year U.S. Treasury notes as collateral in an overnight repo trade, with BNY providing cash. BNY said this is the first time tokenized assets have been applied to a major tri-party repo platform. The Treasuries were purchased through the Tradeweb platform, and the tokenized version settled within minutes, significantly shorter than the traditional T+1 settlement cycle.