What is Citadel doing with Tokenization?

Tokenized Treasuries Are Starting to Do the Job They Were Built For

On October 13, Citadel Securities bought a 2-year Treasury on Tradeweb, settled the tokenized note on BNY’s private ledger in minutes, and pledged it in an overnight repo that same day. Right now, roughly 25% of institutional collateral sits idle between trades, costing a large bank about $346 million a year, according to Citi and The ValueExchange.

On October 19, JPMorgan launched JPM Coin on Ethereum mainnet. With bank deposits and tokenized assets like BUIDL on the same ledger, cash and collateral can settle at the same time.

Tokenized Treasuries stand at about $14.5 billion today, up 3.6x since the start of 2025 but essentially flat since May. BlackRock is pushing for tokenized Treasuries to serve as collateral in conventional markets rather than just crypto-native venues like Binance.

Meanwhile, DTCC launches its tokenization service this month, BNY widens triparty hours next year, and commercial banks are aiming for a deposit network by 2027.

Tokenized Stocks Have Quadrupled, With Growth Led by New Entrants

Tokenized stocks reached $3.4 billion on October 20, four times January’s $847 million, according to RWA.xyz. Binance’s bStocks went from a June launch to $1.2 billion and the largest share of the market, xStocks tripled to about $600 million, and Ondo nearly doubled to $885 million even as its share fell from 55% to 26% in a much larger market.

Crypto venues can now tokenize public equities under an SEC exemption, but the underlying companies have a 30-day window to object. Nine companies including Broadcom, Verizon and CoreWeave just used that window to block a platform called OKXICE from listing their shares.

Stablecoins Are Moving More Dollars Without Minting More

Stablecoin supply has stayed between $290 billion and $302 billion for the past year, but transfer volume has grown faster than supply. Monthly volume divided by supply averaged 19x in 2025 and 27x so far in 2026. It peaked above 35x in January and March and has settled near 24x since, which is still higher than any month last year. Rising turnover shows that stablecoin adoption is continuing to grow even though supply has been flat.