HIFI, DRW Test Onchain Repo Model on Canton
HIFI, a stablecoin infrastructure firm targeted 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, offered U.S. Treasury collateral, whereas Marex, a monetary providers and brokerage firm, acted as prime dealer.
The transaction demonstrated a number of options of blockchain-based repo operations. Pricing was found by way of an RFQ (request-for-quote) course of on Tradeweb, permitting a number of market members to compete on pricing, much like conventional repo markets.
The money aspect of the transaction was transferred from fiat foreign money by way of 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 robotically by way of 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
