First Fully Onchain Repo Transaction Completed Using a Sovereign Digital Bond
Tradeweb, Virtu Financial and M1X Global completed the first fully onchain repo transaction using a sovereign digital bond, settling atomically on the Canton Network. The transaction utilized USDM1, a Marshall Islands sovereign bond backed 1:1 by US Treasuries, and achieved a full repo cycle in under 10 minutes, eliminating the intraday balance sheet inflation typical of T+1 infrastructure.
Key figures
- Settlement time minutes
- 10
- Avg daily notional value
- $2.6 trillion
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