BNY sets out plan for 24/7 US Treasury settlement with a tokenized Treasury pilot by end-2026
BNY said in July 2026 that it plans to pilot tokenized US Treasuries on its private blockchain by the end of 2026 and offer round-the-clock settlement for both conventional and tokenized Treasuries in 2027. The bank clears an average of $24.3tn a day as a triparty repo agent and processes about $2.5tn of daily payments.
What happened
BNY outlined a plan, reported on 22 July 2026, to eliminate the weekend and overnight gap in US Treasury settlement. The bank said it would pilot tokenized Treasuries on its own permissioned blockchain by the end of 2026 and aim to provide 24/7 settlement for conventional and tokenized Treasuries during 2027. BNY had already demonstrated after-hours Treasury settlement earlier in 2026 in a trade between Ripple, issuer of the RLUSD stablecoin, and OpenEden, issuer of USDO. That trade was executed on Tradeweb and settled through conventional cash processes on BNY's own books rather than on a blockchain. The bank clears an average of $24.3tn a day in its role as triparty repo agent and processes roughly $2.5tn of payments daily. Analysis of the plan emphasised that tokenization is one instrument among several BNY is using, alongside changes to its internal books-and-records settlement.
Why it matters
The economic problem is not the ledger but the calendar. Stablecoins and tokenized funds trade continuously while the Treasury market that backs them settles on a business-day cycle, which forces issuers to hold buffers or accept timing mismatches on redemptions. A custodian of BNY's scale offering weekend Treasury settlement would remove a structural cost from stablecoin and tokenized money market fund operations. It also shows that the near-term gains from tokenization at incumbent institutions may come from extending operating hours on existing infrastructure rather than from moving assets to public networks.
What is not settled
BNY has not named the counterparties for the tokenized Treasury pilot or confirmed whether 24/7 settlement will require changes at the Fixed Income Clearing Corporation and the Federal Reserve's operating hours.
Institutions in this story
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BNY
Custodian
Custodian of $57.8tn of assets as of September 2025 and of the cash and securities behind BlackRock's BUIDL, which began mirroring client deposit balances onchain in January 2026 and plans to pilot tokenized US Treasuries on its own permissioned chain by the end of 2026.
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Ripple
Payment provider
San Francisco company founded in September 2012 as OpenCoin, which issues the dollar stablecoin RLUSD under a New York Department of Financial Services limited purpose trust charter and takes it as collateral inside Ripple Prime, the prime broker it bought in October 2025.
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OpenEden
Issuer
Singapore-based tokenisation group whose TBILL token gives holders exposure to short-dated US Treasury bills through a BVI-regulated professional fund that BNY Investments has managed and BNY has custodied since August 2025.
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Tradeweb Markets Inc.
Exchange
Electronic marketplace founded in 1996 for rates, credit and money markets, averaging $2.8tn of daily notional, which on 1 July 2026 provided execution for the delivery of a tokenized US Treasury against tokenized cash on the Canton Network.