BNY, Citadel Securities test tokenized U.S. Treasuries to speed up Wall Street financing

60-second summary

BNY Mellon and Citadel Securities pilot a tokenized U.S. Treasury platform that instantly transfers bond collateral between settlement and financing, cutting traditional processing times. The blockchain‑based system tokenizes each Treasury note, enabling real‑time settlement, reduced counterparty risk, and lower operational costs. If successful, the innovation could accelerate Wall Street financing, reshape collateral management, and pressure legacy infrastructures.