Institutions · NEWS
BNY and Citadel Complete a Tokenized Treasury Repo Workflow
A two-year note was recorded on BNY's private ledger, settled within minutes and then pledged for overnight financing, BNY says.
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BNY announced on October 13 that it had completed a transaction with Citadel Securities involving a digital representation of a two-year US Treasury note. Citadel bought the note through BNY on Tradeweb, according to the bank’s account.
The representation was recorded on BNY’s private ledger and settlement took minutes. Citadel subsequently pledged the security in an overnight triparty repo, with BNY supplying cash.
The account demonstrates a connected purchase-and-financing sequence. It does not establish that every Treasury transaction can now settle continuously. BNY’s additional digital cash and deposit capabilities remain plans, distinct from the completed transaction.
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- //Completed workflow; further cash capabilities remain planned.
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