Virtu, Tradeweb complete onchain repo using Marshall Islands digital bond

The transaction used the Marshall Islands-issued USDM1 bond as collateral and completed the full repo cycle on the Canton Network in under 10 minutes.

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. 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.