Virtu Completes Sovereign Bond Repo in 10 Minutes
Virtu Financial and Tradeweb said the first repo with natively issued sovereign collateral settled atomically on the Canton Network in under 10 minutes.
- On Thursday, Virtu Financial, M1X Global, and Tradeweb completed the first onchain repo transaction using the Marshall Islands-issued USDM1 bond as collateral on the Canton Network.
- This transaction represents the first repo to combine natively issued sovereign collateral with fully onchain atomic settlement, with USDM1 structured under New York law as a fully collateralized Brady bond.
- Executed on Tradeweb, the full repo cycle completed in under 10 minutes, while institutional custody for USDM1 is provided by Anchorage Digital and BitGo.
- The repo follows a July transaction in which Tradeweb facilitated the real-time transfer of a tokenized Treasury from Franklin Templeton to Virtu Financial on Canton, as network activity accelerated throughout August.
- Digital Asset and the American Idea Foundation, founded by former House Speaker Paul Ryan, announced plans this month for a 2027 pilot using Canton to distribute state-administered benefits across three US states.
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Cryptocurrency News | Cryptocurrency Prices | Market CapVirtu completes sovereign bond repo in 10 minutes
Virtu, M1X and Tradeweb completed an onchain repo using Marshall Islands bond USDM1, settling the full cycle within 10 minutes.
Virtu and Tradeweb Run a 10-Minute Onchain Repo Backed by Marshall Islands Sovereign Bond
Virtu Financial and Tradeweb just pulled off something the institutional repo world hasn’t seen before. The two firms completed a… Read the original on First-Ever Onchain Repo Completed in 10 Minutes Using Marshall Islands Sovereign Bond. For more crypto news and analysis, visit TheCurrencyAnalytics.com.
Virtu, Tradeweb Settle Onchain Repo in Under 10 Minutes
Why Does The Onchain Repo Transaction Matter? Virtu Financial, M1X Global and Tradeweb completed an institutional repo transaction using a sovereign digital bond as collateral, moving the entire trade lifecycle onto the Canton Network and testing whether tokenized government debt can serve as working collateral rather than simply an asset for issuance or trading. The transaction used USDM1, a U.S. dollar-denominated sovereign bond issued onchain…
ChainCatcher reports that Virtu Financial, M1X Global, and Tradeweb have completed an on-chain repurchase transaction using the Marshall Islands-issued digital sovereign bond USDM1 as collateral, with full settlement completed within 10 minutes on the Canton Network. The parties stated that this is the first instance of combining natively issued sovereign collateral with fully on-chain atomic settlement. USDM1 is a USD-denominated sovereign bond…
Virtu, M1X Global, And Tradeweb Execute On-Chain Repo Backed By Digital Bonds
BitcoinWorld Virtu, M1X Global, and Tradeweb Execute On-Chain Repo Backed by Digital Bonds Virtu Financial, M1X Global, and Tradeweb have completed an on-chain repurchase agreement (repo) transaction backed by digital bonds issued by the Republic of the Marshall Islands. The transaction was executed on the Canton Network, a blockchain platform designed for institutional asset transactions, and utilized the USDM1 stablecoin issued by M1X Global …
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