BNY and Citadel Securities completed the first financing operation using a tokenized US Treasury on a major triparty repo platform. A 2-year Treasury acquired via Tradeweb was registered on BNY’s private digital ledger and settled in minutes, compared with the standard T+1 settlement cycle. Citadel Securities then used this security as collateral in an overnight repo to obtain liquidity from BNY. The American bank plans to develop its digital currency and tokenized deposits capabilities, and to extend platform hours to cover more European and Asian sessions by 2027.
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