BNY Mellon plans to offer 24/7 settlement for both conventional and tokenized Treasuries by 2027, a move that would upend the current business-hours-only system. The bank will run tokenized-Treasury pilots by the end of 2026, building on a series of recent infrastructure upgrades.
Why the shift to round-the-clock settlement
Today, Treasury settlement relies on narrow windows during business days. That forces traders to use funding workarounds and accept wider spreads when markets move outside those hours. BNY Mellon's push aims to eliminate those gaps. In June 2026, the bank launched 24/7 US dollar book transfers, letting clients move dollars within its ledgers on weekends and holidays. It also added institutional-grade USDC support, allowing clients to store, mint, burn, and transfer the stablecoin directly from custody.
A real-world on-chain test
Tradeweb recently executed a real-time on-chain Treasury trade on the Canton Network, settling against tokenized cash (USDCx). Participants included Franklin Templeton and Virtu. That test shows the technology works, but scaling it to the broader market is another matter.
Challenges ahead
BNY Mellon's roadmap includes both conventional and tokenized paths to 24/7 settlement. But key hurdles remain. Integration with existing clearing systems, such as FICC, is complex. Regulatory guardrails for around-the-clock operations aren't settled. And there's the question of liquidity on weekends — who provides it and at what cost.
The bank will run tokenized-Treasury pilots by the end of 2026. If those go well, full 24/7 settlement for both conventional and tokenized Treasuries could follow by 2027. The bigger question is how regulators and clearing houses will adapt to a market that never sleeps.
