Citadel Securities and BNY Complete a Tokenized U.S. Treasury Repo Transaction

Odaily News: Citadel Securities and Bank of New York Mellon (BNY) have completed a tokenized U.S. Treasury repurchase transaction. Citadel Securities used tokenized two-year U.S. Treasury notes as collateral for an overnight repo transaction, with BNY providing cash.

BNY stated that this is the first time tokenized assets have been used on a major tri-party repo platform. The relevant Treasuries were purchased through the Tradeweb platform, and the tokenized version settled within minutes, significantly shorter than the traditional T+1 settlement cycle. (Coin Bureau)