BNY Mellon Launches 24/7 Settlement Plan for U.S. Treasuries
BNY Mellon plans to enable continuous trading for U.S. Treasuries by 2027, following positive tests involving stablecoins. The bank will begin trials with tokenized Treasuries on a private blockchain by the end of 2026, according to a report by CoinDesk.
BNY Mellon, the world's largest custody bank, aims to offer 24/7 settlement for both conventional and tokenized U.S. Treasuries by 2027. The push follows a recent successful after-hours test that involved stablecoin reserves from Ripple and OpenEden.
The bank plans to start testing tokenized Treasuries on a private blockchain by the end of 2026. The initiative seeks to enhance the bank's existing settlement network, making it operational during more international trading hours. This step addresses delays caused by traditional weekday settlement windows.
- The bank's testing involved trades settled through stablecoin reserves, demonstrating that activity can continue even after U.S. markets close for the day.
- BNY's cash-management business unit Dreyfus facilitated the test, working with Ripple's RLUSD and OpenEden's USDO, both of which are backed by short-dated government debt.
- Ripple participated directly in the test, and the transaction settled shortly after existing cash rails processed the transaction, despite the securities themselves not being tokenized.
Why it matters: This development could significantly impact liquidity and operational efficiency for U.S. Treasuries. The ability to trade these securities around the clock may reduce the lag that currently occurs during weekends, thus allowing for more responsive market behavior. BNY's existing relationships with stablecoin projects also position it uniquely to lead in this innovative space.
BNY Mellon has already established itself as the primary custodian for the reserves backing RLUSD and provides custody for OpenEden's tokenized Treasury fund. By introducing tokenized deposit balances earlier in the year, BNY aims to offer institutional clients an on-chain representation of commercial bank money, further integrating crypto technology into traditional finance.
What to watch: Stakeholders should monitor BNY Mellon's testing phase for tokenized Treasuries, as developments could influence broader adoption of blockchain technology in conventional financial markets. Additionally, keep an eye on regulatory responses and the general market appetite for increased liquidity and flexibility in Treasury trading.
Summary based on original reporting by Francisco Rodrigues at CoinDesk, originally published Jul 23, 2026. SolanaWire does not republish source content.
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