BNY and Citadel Securities have completed the first tokenized Treasury transaction on a major triparty repo platform, marking a landmark achievement in digital securities adoption. According to BNY's announcement, the transaction involved a 2-year U.S. Treasury note purchased by Citadel Securities through Tradeweb, with a digital representation settling within minutes on BNY's private ledger. Citadel Securities subsequently pledged the tokenized Treasury as collateral for an overnight repurchase agreement, with BNY providing cash against the security. The transaction covered multiple stages of the Treasury trade lifecycle, including execution, settlement and collateral financing, without requiring the security to move through the usual T+1 settlement cycle. As reported by AMBCrypto, this represents a significant advancement as the tokenized Treasury was used not just to record ownership or facilitate settlement but also to access liquidity through institutional financing, potentially allowing these processes to become faster, more transparent, and easier to coordinate.
Singapore Gulf Bank announced on October 12 that it has adopted BNY's 24/7 USD Book Transfers service, positioning itself as one of the first financial institutions globally to use the solution. According to reports from crypto.news, the service allows eligible corporate and retail clients to transfer dollars outside traditional U.S. banking hours through BNY's enrolled banking network. Qualifying dollar transfers can settle at any hour between eligible accounts held directly at BNY or through correspondent banks enrolled in the service, with access depending on the participating bank and account meeting network requirements. The expansion gives clients another option for managing USD payments across different time zones, with qualifying transfers available on weekends and U.S. public holidays, subject to eligibility requirements.
For corporate customers, SGB identified account funding, supplier payments and time-sensitive cross-border treasury transactions among the supported uses, as reported by crypto.news. The bank's announcement also included eligible retail customers, extending access beyond businesses managing international cash balances. SGB Executive Vice Chairman Ali Moosa explained the need for the service, stating that clients operating across different markets and time zones require payment services that accommodate different time zones. "Our clients operate across markets and time zones, and their business needs do not always fall within traditional US banking hours," Moosa said. BNY's EMEA head of Global Payments & Trade, Bana Akkad Azhari, emphasized the strategic value, noting that round-the-clock USD settlement gives institutions greater agility in managing liquidity and fulfilling urgent financial obligations.
A week before the BNY expansion, crypto.news reported on Payward's 24/7 institutional settlement partnership with SGB, announced on October 5. According to the companies, Kraken parent Payward connected to SGB Net so selected institutional customers across supported Asian and Gulf jurisdictions could settle transactions instantly. The initial service covers U.S. dollars, with additional currencies and customers planned for later stages. For eligible SGB customers, Payward said the connection allows funds deposited with its platform to become available for trading immediately, including outside normal banking hours. The Payward partnership focuses on settlement for institutional digital-asset markets, while the latest announcement covers qualifying USD transfers through BNY's book-transfer service.
According to crypto.news, SGB Net's monthly fiat transaction volume exceeds $20 billion, with the platform processing more than $20 billion in monthly fiat transactions as reported by Payward. The bank began corporate banking services in late 2024 before introducing SGB Net in May 2025 for real-time settlement across multiple currencies. BNY has outlined plans to introduce additional digital cash and tokenized deposit capabilities for institutional clients, with the bank expecting to expand the operating hours of its conventional settlement platforms for Federal Reserve-eligible securities and U.S. triparty transactions. Under its proposed timetable, BNY intends to make these services available during European and Asian trading hours next year, with Laide Majiyagbe, BNY's global head of markets, noting that institutions need access to securities and collateral at the time and location required for their transactions. AMBCrypto reports that this follows another similar move by BNY Mellon, which launched tokenized deposits in January 2026 for institutional clients, with Ripple Prime among its early adopters, focusing on the growing demand for digital cash that now supports faster transactions and operates beyond traditional banking hours.
The BNY-Citadel transaction follows growing institutional interest in tokenized collateral, with a September Citi report finding that 77% of surveyed institutions are considering tokenized collateral. In August, Virtu Financial, M1X Global and Tradeweb completed a sovereign bond repo on the Canton Network using USDM1, a sovereign digital bond backed by short-term U.S. Treasury securities, with the full transaction settling in less than 10 minutes. The Depository Trust & Clearing Corporation has been preparing its own tokenization infrastructure, with DTCC's production activity in July involving more than 30 financial and technology companies, including BlackRock, Goldman Sachs, JPMorgan and Citadel Securities. BNY plans to introduce digital cash and tokenized deposit services while expanding Treasury settlement operations into European and Asian trading hours next year, demonstrating the bank's comprehensive approach to institutional digital asset services across multiple jurisdictions. However, as noted by AMBCrypto, the transaction does not mean that all U.S. Treasuries can now settle instantly or that traditional settlement systems have been replaced, instead demonstrating a specific institutional use case rather than a market-wide transformation.
