HIFI, a stablecoin infrastructure company focused on institutional payments, has announced the completion of an onchain repo transaction with DRW on the Canton Network. DRW, a global trading and investment company, provided collateral for the US Treasury bonds, while Marex, a financial services and brokerage firm, acted as prime broker.
The transaction demonstrated several features of blockchain-based repo operations. Prices were discovered through an RFQ (request-for-quote) process on Tradeweb, allowing multiple market participants to compete on pricing, similar to traditional repo markets.
The cash side of the transaction was moved from fiat currency through real-time payment rails to $USDC and then converted into USDCx for settlement on the Canton Network. As the transaction matured, the process was automatically reversed via the same route.
The companies also emphasized that transaction data, payment flows and counterparty information remained confidential and not visible to the wider network.
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