Virtu Financial, M1X Global, and Tradeweb Complete First Sovereign Digital Bond Repurchase
Virtu Financial, M1X Global, and Tradeweb have completed an on-chain repurchase transaction using the USDM1 sovereign digital bond issued by the Republic of the Marshall Islands as collateral. The transaction was executed on the Canton Network, with a settlement time of less than 10 minutes. USDM1 is a sovereign bond denominated in USD and issued on-chain, backed 1:1 by short-term U.S. Treasury securities, paying interest during the term and constituting fully collateralized sovereign debt under New York State law. This marks the first repurchase transaction combining native issuance sovereign collateral with full on-chain atomic settlement. USDM1 can be traded electronically via Tradeweb, with institutional custody services provided by Anchorage Digital, BitGo, and tZERO. The Canton Network is designed for institutional finance, featuring privacy and permissioned mechanisms for regulated trading and tokenized assets.
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