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

TREE NEWS reports: Citadel Securities and Bank of New York Mellon (BNY) have completed a tokenized U.S. Treasury repurchase transaction, using tokenized two-year Treasury notes as collateral for an overnight repo trade in which BNY provided cash. BNY said this is the first time tokenized assets have been used on a major tri-party repo platform. The Treasury notes were purchased via Tradeweb and the tokenized version settled within minutes, compared with the traditional T+1 cycle.