HIFI, DRW Test Onchain Repo Model on Canton

HIFI, a stablecoin infrastructure company focused on institutional payments, announced the completion of an onchain repurchase agreement (repo) transaction with DRW on the Canton Network. DRW, a global trading and investment firm, provided U.S. Treasury collateral, while Marex, a financial services and brokerage company, acted as prime broker.

The transaction demonstrated several features of blockchain-based repo operations. Pricing was 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 transferred from fiat currency through real-time payment rails into $USDC and then converted into USDCx for settlement on the Canton Network. When the transaction matured, the process was reversed automatically through the same route.

The companies also highlighted that transaction details, payment flows, and counterparty information remained confidential and were not visible to the wider network.

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