Citadel Securities and BNY separately advance tokenized US Treasury initiatives

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 Société Générale. 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 t...