According to an official press release from BNY Mellon, the bank has completed a tri-party repurchase agreement process using tokenized U.S. Treasuries in collaboration with Citadel Securities. This marks the first use of tokenized assets on a major tri-party repo platform. Citadel Securities purchased a 2-year U.S. Treasury through BNY on the Tradeweb platform, with the tokenized representation recorded on BNY's private digital ledger, allowing for settlement within minutes instead of the standard T+1 settlement cycle. Subsequently, Citadel Securities used it as collateral for overnight repo financing, with cash provided by BNY. BNY Mellon stated plans to launch more digital cash and tokenized deposit features to support on-chain settlement and financing, and anticipates extending the operating hours of traditional settlement platforms to cover European and Asian trading sessions next year.