Virtu Financial, M1X Global and Tradeweb have completed an onchain repo transaction using a sovereign digital bond as collateral, with the full cycle settling on the Canton Network in under 1
Virtu Financial, M1X Global and Tradeweb have completed an onchain repo transaction using a sovereign digital bond as collateral, with the full cycle settling on the Canton Network in under 10 minutes, according to an announcement from the firms involved.
The collateral at the centre of the deal is USDM1, a US dollar-denominated sovereign bond issued onchain by the Republic of the Marshall Islands. The instrument is backed 1:1 by short-term US Treasurys, pays a coupon while pledged as collateral, and is structured under New York law as a fully collateralized sovereign obligation.
