Citadel Securities successfully moved tokenized US Treasuries on the Canton Network on July 15, 2026. The transaction utilized the Depository Trust Company's Tokenization Service and infrastructure provided by Fireblocks. This setup allowed the firm to hold assets in digital wallets, transfer them to counterparties like BNP Paribas and Société Générale, and use them as collateral on the CME.
More than 30 firms participated in the DTC tokenization event. The full Tokenization Service from DTCC is scheduled for a voluntary launch in October 2026, initially supporting US Treasuries and specific ETFs. These tokens function as digital wrappers for government bonds without being tied to any specific cryptocurrency or ticker.
BNY Mellon is pursuing a different strategy by developing its own proprietary blockchain. The bank plans to initiate pilots for tokenized Treasuries by the end of 2026. Its long-term objective is to achieve round-the-clock settlement for both conventional and tokenized Treasuries by 2027.
The industry currently shows a divergence in infrastructure preferences, with Citadel opting for shared networks like Canton, while BNY Mellon focuses on bank-owned systems. No formal collaboration between the two institutions regarding joint tokenized asset transactions has been confirmed to date.
