Virtu Financial, M1X Global and Tradeweb have completed the first fully onchain repo transaction using a sovereign digital bond as collateral. The operation took under ten minutes to complete the entire repurchase cycle on the Canton Network. The collateral used was USDM1, a US dollar-denominated sovereign bond issued onchain by the Republic of the Marshall Islands and backed 1:1 by short-term US Treasuries. The three institutions described the transaction as pioneering in combining natively issued sovereign collateral with fully onchain atomic settlement between regulated counterparties.
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