Tradeweb, Virtu, M1X Global complete first fully onchain repo using sovereign digital bond collateral
TW•USDM1 collateral structure
USDM1 is a Marshall Islands sovereign bond issued natively onchain, backed 1:1 by short-dated U.S. Treasuries held in bankruptcy-remote custody.
Fully onchain repo transaction completed
Tradeweb collaborated with Virtu Financial and M1X Global on a fully onchain repo using USDM1 sovereign digital bond collateral.
The transaction ran on the Canton network with atomic onchain settlement for securities delivery, cash leg and return. The full cycle completed in under 10 minutes.
Market implications cited by the parties
The parties framed the deal as a step toward higher collateral velocity, lower settlement exposure and improved capital efficiency for institutional secured financing.
Bilateral trade on Tradeweb without prime broker intermediation
The repo was executed bilaterally on Tradeweb between regulated institutional counterparties, marking the first such venue-led trade without prime broker intermediation.
