Identifying the causes of the segregation of Pt-based alloy nanoparticles is crucial for the design and operation of the corresponding catalysts and electrodes. This article describes a yet unreported mode of alloy segregation upon exposure to CO. In situ IR studies indicated that Pt-Sn alloy nanoparticles were not stable under (i) H-2-free CO at any temperature or (ii) CO/H-2 mixtures at temperatures below ca. 450 K. This was rationalized by the ability of Pt to dissociate CO. The oxygen adatoms readily reacted with metallic Sn to form a SnOx species, leading to Pt-Sn segregation, alongside carbon deposition. XPS and XANES analyses confirmed Sn reoxidation. While a contamination by traces of O-2 at the sub-ppm level cannot be excluded, the data reported indicate that the structural modifications undergone by the Pt-Sn nanoparticles are more consistent with a reaction involving CO rather than one involving O-2. In particular, the XPS analysis after CO exposure revealed an increased fraction of graphitic carbon, while that of oxidized carbon decreased. Thermodynamic calculations indicate that the oxidation of tin by CO, with concomitant carbon formation (Sn + CO -> SnO + C) is as favourable as Boudouard reaction (2 CO -> CO2 + C) at low temperatures. Alloy stability in the presence of CO must therefore be a concern when CO dissociation is possible and one of the alloyed metal is oxophilic. (C) 2018 Elsevier Inc. All rights reserved.