BNY Mellon, the biggest bank for safeguarding assets, is aiming to enable 24/7 trading of both traditional and digital U.S. Treasury bonds by 2027. They recently finished a test trade outside of regular business hours using funds from two different stablecoin companies.
According to a Bloomberg report, the bank plans to begin testing digital versions of Treasury securities on a private blockchain before the end of the year. They also intend to expand their current settlement network later this year to include more trading hours across Asia, Europe, and the United States.
The previous deal included Ripple‘s RLUSD and OpenEden’s USDO. Ripple was a direct participant, and BNY Mellon’s Dreyfus division handled the transaction on behalf of OpenEden.
According to the report, the trade went through Tradeweb after Fedwire Securities had already finished processing Treasury transfers for the day.
BNY Mellon reported that the transaction completed quickly using standard payment methods. While the securities weren’t converted into digital tokens, the test demonstrated that trading of government bonds backed by stablecoins can still happen even after regular U.S. markets close.
Both RLUSD and USDO use short-term government bonds as reserves. While these digital tokens can be traded at any time, the actual bond transactions that back them are still limited to business days.
That can delay reserve adjustments following large creations, redemptions or collateral calls.
BNY Mellon currently safeguards RLUSD’s funds and also manages OpenEden’s digital Treasury fund, handling both its safekeeping and investments.
In January, the bank began offering a way for its institutional clients to represent their standard bank deposits on the blockchain using a technology called tokenization. This essentially creates a digital version of their money held with the bank.
2026-07-23 12:01