HIFI, a stablecoin infrastructure firm centered on institutional funds, introduced the completion of an onchain repurchase settlement (repo) transaction with DRW on the Canton Community. DRW, a world buying and selling and funding agency, supplied U.S. Treasury collateral, whereas Marex, a monetary companies and brokerage firm, acted as prime dealer.
The transaction demonstrated a number of options of blockchain-based repo operations. Pricing was found by an RFQ (request-for-quote) course of on Tradeweb, permitting a number of market members to compete on pricing, just like conventional repo markets.
The money aspect of the transaction was transferred from fiat forex by real-time cost rails into $USDC after which transformed into USDCx for settlement on the Canton Community. When the transaction matured, the method was reversed mechanically by the identical route.
The businesses additionally highlighted that transaction particulars, cost flows, and counterparty data remained confidential and weren’t seen to the broader community.
Picture: Magnific
