Virtu, Tradeweb complete onchain repo using Marshall Islands digital bond

Virtu Financial, M1X Global and Tradeweb completed an onchain repo transaction using a sovereign digital bond as collateral, with the full transaction settling on the Canton Network. The transaction used USDM1, a US dollar-denominated sovereign bond issued onchain by the Republic of the Marshall Islands and backed 1:1 by short-term US Treasurys.

By AI NewsroomPublished about 4 hours agoUpdated about 4 hours ago0 views

Virtu, Tradeweb complete onchain repo using Marshall Islands digital bond

Why It Matters

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Key Facts

Fact 1: Virtu Financial, M1X Global and Tradeweb completed an onchain repo transaction using a sovereign digital bond as collateral, with the full transaction settling on the Canton Network.
Fact 2: The transaction used USDM1, a US dollar-denominated sovereign bond issued onchain by the Republic of the Marshall Islands and backed 1:1 by short-term US Treasurys.
Fact 3: Executed between regulated counterparties on Tradeweb, the full repo and repurchase cycle was completed in under 10 minutes.
Fact 4: USDM1 is available through electronic trading platform Tradeweb, with institutional custody provided by Anchorage Digital, BitGo and tZERO, according to the release.

The bond pays a coupon while being used as collateral and is structured under New York law as a fully collateralized sovereign obligation. Both companies said it was the first repo to combine natively issued sovereign collateral with fully onchain atomic settlement. Executed between regulated counterparties on Tradeweb, the full repo and repurchase cycle was completed in under 10 minutes.

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