BNY and Citadel Settle Tokenized Treasury Repo in Minutes as Chainalysis Charts 125% Surge
Today’s Focus
Tokenized assets are moving from “issuance and holding” into “collateral and financing.” BNY and Citadel Securities completed the first triparty repo backed by tokenized US Treasuries, compressing settlement from T+1 to minutes; Chainalysis shows tokenized Treasuries surged 125% in 12 months to $15.4B, led by foreign buyers. Onchain RWA totals roughly $39.1B, with tokenized Treasuries alone at about $14.9B, as global capital accelerates toward dollar assets along the onchain channel.
Industry Wire
10 items
BNY and Citadel Complete First Tokenized Treasury Triparty Repo – The market maker bought a two-year note via Tradeweb, and BNY’s private ledger settled it and swept it into an overnight repo pool within minutes, compressing T+1 to minutes.
Tokenized Treasuries Surge 125% in 12 Months to $15.4B – Chainalysis shows buyers in Italy, Portugal and Singapore dominate, with the US itself at just 10.5% in fourth place, representing 42.8% of all onchain RWA value.
Former FTX Europe Chief Files for SEC Innovation Exemption – Perpetuals.com becomes the second applicant after OKXICE for tokenized US stocks, with Delaware unit Kephas running a permissioned AMM pool, potentially live by mid-November.
Chainlink Oracles Go Live on Stellar, Unlocking $3.5B in RWA – The foundation fully subsidizes running costs, upgrading billions of compliant assets from “digital warehouse receipts” into programmable working capital, enabling onchain lending and tokenized equity derivatives.
Ripple Signs Securities Partnerships with DriveWealth and Meritz – RLUSD will be integrated on XRP Ledger for European settlement, and Korean broker Meritz becomes Ripple’s first securities partner in Korea, positioning ahead of the tokenized securities regime effective February 2027.
Metric Launches bStocks DEX on BNB Chain – The venue supports propAMM trading of tokenized US stocks and ETFs anchored to Chainlink price feeds, with cumulative volume above $10B; bStocks captured 85% of tokenized equity DEX volume in July.
Binance Adds Four New bStocks Trading Pairs – BlackBerry, MongoDB, Penguin Solutions and the volatility ETF UVXYB go live, lifting bStocks total value to $982.8M across 91 assets, closing in on the $1B mark.
Ripple Mints 19.6M RLUSD on Ethereum – Standard Chartered’s Dubai branch expands institutional custody for RLUSD and works with LMAX to use custodied tokens as trading collateral, bringing stablecoins into bank custody and collateral financing.
Citi Says Enterprises Prefer Tokenized Deposits over Stablecoins – CEO Fraser says tokenized deposits now run across seven markets with simpler accounting, tax and compliance; Q3 TTS deposits rose 17% YoY and cross-border transaction value gained 10%.
FASB Proposal Treats Compliant Stablecoins as Cash Equivalents – Stablecoins meeting 100% highly liquid reserves and on-demand redemption could be carried at amortized cost, shedding impairment tests; the Eurosystem simultaneously tightens liquidity thresholds, forming a dual compliance track.
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