Citadel Securities and BNY Complete Tokenized US Treasury Repo Trade

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