Citadel Securities and BNY separately advance tokenized US Treasury initiatives
Citadel moved tokenized Treasuries on the Canton Network through DTC's new service, while BNY Mellon lines up its own pilots for later this year
On July 15, 2026, Citadel Securities used the Depository Trust Company’s Tokenization Service to create and move tokenized US Treasuries on the Canton Network in a live production setting.
BNY Mellon plans to pilot tokenized Treasuries on its proprietary blockchain by the end of 2026, with 24/7 settlement as the 2027 goal.
What actually happened on July 15
Citadel Securities ran the transaction through DTC, the post-trade utility that sits at the center of US securities settlement. Its Tokenization Service lets firms create digital token versions of securities already held in the traditional system.
The tokens lived on the Canton Network, a blockchain designed for regulated financial institutions. Fireblocks, a digital asset infrastructure provider, supplied the technology behind Citadel’s communications with DTC and its token transactions.
With that setup, Citadel could hold the tokenized Treasuries in secure wallets. It could also transfer entitlements to counterparties, including BNP Paribas and SociƩtƩ GƩnƩrale.
Citadel was also able to use the tokenized Treasuries as collateral for trading on the CME.
Citadel was not alone in the room. More than 30 firms took part in the DTC tokenization event, covering a range of use cases.
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One detail worth flagging for crypto readers: no cryptocurrency or token ticker is tied to these tokenized Treasuries. The token is simply a digital wrapper for a government bond.
BNY’s separate road to tokenized Treasuries
BNY Mellon intends to run tokenized Treasury pilots on its own proprietary blockchain by the end of 2026, with a goal of round-the-clock settlement of both conventional and tokenized Treasuries in 2027.
Earlier in 2026, BNY Mellon completed an after-hours Treasury trade that was not tokenized but was linked to stablecoin reserves.
There has been no confirmed collaboration between Citadel and BNY Mellon on joint tokenized asset transactions to date.
The bigger timeline: DTCC’s October launch
DTCC’s full Tokenization Service is scheduled for a voluntary launch in October 2026, initially covering US Treasuries and selected ETFs.
What this means for markets
Stablecoin issuers hold large Treasury reserves, and settling those reserves outside normal hours addresses a real mismatch between a 24/7 token market and a 9-to-5 bond market.
Citadel chose Canton and DTC’s service, while BNY Mellon is building on its own chain, hinting at a possible split between shared industry networks and bank-owned infrastructure.
For investors, the practical watch list is short. Track how many firms opt into DTCC’s service after October 2026, whether BNY Mellon’s pilots launch on schedule, and how much tokenized collateral actually gets used in live trading.