Virtu and Tradeweb have pulled off an on-chain repo, using the USDM1 bond—issued by the Marshall Islands—as collateral. The entire trade cycle on Canton Network wrapped up in less than 10 minutes.

What Happened

The two firms ran the whole repo transaction directly on blockchain: initiation, settlement, and the buyback all happened fully on-chain. The collateral was a digital USDM1 bond. When it was all said and done, the repo cycle on Canton Network closed out in under 10 minutes.

Why It Matters

Pulling off a full repo cycle this fast shows what on-chain infrastructure can do for speeding up settlements and making collateral management way more efficient. Bringing together traditional market tools and tokenized assets could streamline ops and cut down on overhead costs.

Deal Details

Collateral: USDM1 bond, issued by the Marshall Islands. Execution network: Canton Network. Timeline: the entire repo cycle took less than 10 minutes.