BNY and Citadel tested tokenized Treasuries in a live repo trade. Citadel Securities bought a 2-year Treasury note, and its token settled on BNY's private ledger in minutes, not T+1.

Citadel then used the tokenized note as collateral in an overnight triparty repo, with BNY lending cash against it. BNY calls it the first use of tokenized assets on a major triparty repo platform. The bank oversees $62.6T in assets under custody and administration.

Next, BNY plans tokenized deposits for onchain settlement and longer settlement hours, reaching European and Asian trading hours next year.

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