BNY has facilitated an after-hours US Treasury transaction involving stablecoin issuers, as part of its push toward an “always-on” Treasury market, Bloomberg reports.
The trade, executed after Fedwire Securities Service had closed for the day, involved Ripple, issuer of the RLUSD stablecoin, and Dreyfus acting on behalf of OpenEden, issuer of USDO — both backed by short-term Treasuries. The transaction ran through Tradeweb Markets and settled via conventional cash processes.
BNY plans to launch tokenised Treasury products and pilot transactions on its private blockchain by end-2026, with a letter to clients cited as targeting 24/7 settlement for both conventional and tokenised Treasuries by 2027. The move reflects the growing role of US government debt in digital-asset markets, where stablecoins and tokenised Treasury funds hold short-dated government securities but trade continuously — a mismatch with traditional settlement infrastructure that creates liquidity and redemption-management challenges.
