Virtu, Tradeweb complete onchain repo using Marshall Islands digital bond
Summary
Virtu Financial, M1X Global, and Tradeweb completed an onchain repo using a sovereign digital bond as collateral, with full settlement on the Canton Network. The collateral was USDM1, a US dollar-denominated onchain sovereign bond issued by the Republic of the Marshall Islands and backed 1:1 by short-term US Treasurys. It pays a coupon while posted as collateral and is structured under New York law as a fully collateralized sovereign obligation. The repo, executed between regulated counterparties on Tradeweb, finished in under 10 minutes and was described as the first to pair natively issued sovereign collateral with fully onchain atomic settlement. USDM1 is traded on Tradeweb and custodied by Anchorage Digital, BitGo, and tZERO.
