BNY Mellon and Citadel Securities Complete Tokenized Treasury Tri-Party Repo Transaction

PANews, October 14 - According to an official press release from BNY Mellon (BNY), BNY and Citadel Securities have completed a tri-party repo transaction process using tokenized U.S. Treasuries, marking the first time tokenized assets have been used on a major tri-party repo platform. Citadel Securities purchased a 2-year U.S. Treasury note through BNY on the Tradeweb platform, with the tokenized representation of the note recorded on BNY's private digital ledger and settled within minutes, rather than the standard T+1 settlement cycle; the note was then used as collateral for an overnight tri-party repo financing, with cash provided by BNY. BNY stated that it plans to launch more digital cash and tokenized deposit features to support on-chain settlement and financing, and expects to extend the operating hours of traditional settlement platforms to European and Asian trading sessions next year.