Real-World AssetsBNY · October 13, 2026
BNY settles a tokenised Treasury and posts it as repo collateral within minutes.
A two-year note bought, tokenised, settled, and financed overnight in one digital workflow with Citadel Securities.
BNY has completed a triparty repo workflow with Citadel Securities using a tokenised representation of a U.S. Treasury, the first use of a tokenised asset on a major triparty repo platform. Citadel Securities bought a two-year Treasury note through BNY on Tradeweb. A tokenised representation was recorded on BNY's private digital ledger and settled within minutes rather than on the standard T+1 cycle. The tokenised note was then posted as collateral in an overnight triparty repo, with BNY providing the cash.
BNY says it will add digital cash and tokenised deposit capabilities for on-chain settlement and financing, and that it expects to extend the operating hours of its settlement platforms for Fed-eligible securities and U.S. triparty transactions into European and Asian hours next year.
The Calveris reading
The repo market is where the Treasury market breathes. A Treasury that settles in minutes and becomes collateral the same evening is a different instrument from one that waits a day.
What this transaction shows is not a new asset but a shorter distance between owning a claim and financing it. For an investor in real-world assets, that distance is the product. We expect the pattern, buy, tokenise, settle, finance, in one workflow, to become the baseline against which every tokenised Treasury is judged.