Virtu, M1X, Tradeweb Complete On-Chain Repo in 10 Minutes

Virtu Financial, M1X Global, and Tradeweb announced this week the completion of a repurchase agreement transaction executed entirely on a blockchain, using a digital sovereign bond as collateral. The companies stated the transaction, which settled on the Canton Network, was completed in under 10 minutes from start to finish. The repo involved the use of USDM1, a U.S. dollar-denominated bond issued on-chain by the Republic of the Marshall Islands. According to the joint announcement, the securities delivery, cash payment, and repurchase all settled atomically on the same network.