Virtu and Tradeweb settle onchain repo in under 10 minutes
On August 27, Virtu Financial and Tradeweb executed the first fully onchain repurchase agreement using the Republic of the Marshall Islands' USDM1 sovereign digital bond, with M1X Global as the third participant. The trade settled atomically on the permissioned Canton Network in under 10 minutes, bypassing traditional prime broker intermediation. USDM1 was issued natively onchain and is backed 1:1 by short-dated US Treasuries under New York law, enabling an end-to-end digital lifecycle. The result shows potential for faster, round-the-clock settlement and reduced operational and counterparty risk within existing legal frameworks.
Repo settlement compressed from T+1 to under ten minutes
Context
The Canton Network hosted prior institutional trading experiments. This trade used a native onchain sovereign bond and settled atomically. More institutional trades could move onchain within existing legal frameworks.
The full analysis
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