Virtu completes sovereign bond repo in 10 minutes

Virtu Financial, M1X Global and Tradeweb completed an institutional repurchase transaction using a sovereign digital bond on Aug. 27, with the full repo and repurchase cycle settling on the Canton Network in under 10 minutes. Summary Virtu, Tradeweb and M1X completed an onchain repo cycle on Canton within ten minutes total. USDM1 served as collateral and remains backed one-for-one by short-term U.S. Treasury securities in custody. Every securities delivery, cash transfer and repurchase leg settled atomically on the Canton Network ledger. USDM1 is offered outside the United States under Regulation S, according to issuer disclosures today. Anchorage Digital, BitGo and tZERO provide institutional custody options for the Marshall Islands bond currently. The transaction used USDM1, a dollar-denominated bond issued onchain by the Republic of the Marshall Islands, as collateral. Securities delivery, the cash payment and the return transaction settled atomically on the same network, according to a joint company release. The companies called it the “first known” repo executed through a major institutional trading venue to combine natively issued sovereign collateral with fully onchain settl...