The repurchase agreement was priced through request-for-quote and intermediated by a prime broker, following the standard structure for electronic dealer-to-client repo execution.

HIFI, the stablecoin infrastructure company, announced the completion of an onchain repurchase transaction with DRW on the Canton Network.

HIFI provided the cash leg of the transaction against U.S. Treasuries supplied by DRW, and Marex acted as prime broker. This transaction demonstrated:

• Competitive price discovery: The trade was executed on Tradeweb through a request-for-quote (RFQ) protocol, the same framework that opens repo pricing to multiple dealers in traditional repo marketplaces. RFQ execution allows institutions to source competitive pricing and automate trading at scale.
• Real-time, atomic settlement: Both legs settled simultaneously with no settlement risk between legs, and funding was available in seconds, as soon as the trade closed.
• Cash leg orchestration across rails: The cash leg moved in real time from fiat over real-time payments (RTP) into USDC, and into USDCx for settlement on Canton. At maturity, the flow reversed automatically along the same path.
• Confidential settlement: Payment flows, counterparty relationships, and amounts were not exposed to the network.

Repo is the funding layer beneath U.S. capital markets, supplying the short-term cash that keeps trading and settlement moving. The U.S. repo market averages $12.6 trillion in daily outstanding exposures, according to the Office of Financial Research.

Repo also ranks as the market’s top candidate for tokenization. In ValueExchange research, 30% of firms named repo as their highest-priority use case, ahead of OTC derivatives margining and securities lending.

Bringing repo markets onchain lets cash and collateral settle continuously and in real time, freeing capital that would otherwise sit idle due to slower settlement cycles and market hours constraints.

In addition to maximizing firms’ balance sheet efficiency, moving repo onchain aligns with broader shifts in U.S. market structure: the SEC has approved extended trading sessions for U.S. equity exchanges, and clearing infrastructure is moving to near-continuous operating hours.

The shift is particularly significant for financial institutions outside the U.S., which hold dollars and U.S. Treasuries but operate in time zones where U.S. markets are closed for much of the business day. Onchain repo enables these institutions to access dollar funding and mobilize Treasury collateral outside traditional U.S. market hours.

Quotes

“This transaction demonstrates what’s possible when traditional banking infrastructure, real-time payments, stablecoins, and tokenized assets operate as a single system. Cash moved from fiat rails into an onchain repo transaction and back again in real time, while preserving the market structure institutions already trust. As capital markets move toward 24/7 operation, infrastructure that can mobilize cash and collateral instantly will become essential.” — Mohamed Afifi, Chief Operating Officer, HIFI

“As a liquidity provider, we’re constantly looking for ways to make markets more efficient. What makes this transaction notable is not just that it settled onchain, but that it did so through a competitive execution and intermediary framework institutional participants use every day. Combining that with 24/7 real-time settlement to realize a step change in capital efficiency highlights the ability for blockchain technology to improve capital markets at scale.” — Chris Zuehlke, Partner, DRW Cumberland

“The significance of this transaction is not just that it settled onchain, but that it was executed through the market structure institutional participants already trust. Prime brokerage, competitive price discovery, and efficient collateral management are fundamental components of the repo market. This transaction demonstrates how those same services can support tokenized assets and onchain funding markets, creating a pathway for broader institutional adoption while maintaining the standards of risk management and client service the market expects.” — Steve Hood, Head of Clearing, Americas, Marex

“Bringing these workflows onchain transforms repo from a scheduled liquidity tool into a real-time one. This is incredibly valuable for institutions, especially in cross-border markets where timing, currency, and collateral location traditionally create operational friction. We are eager to continue working with leading market participants, like HIFI, Marex, DRW and Tradeweb, to build a more connected, efficient, and enhanced financial ecosystem.” — Kelly Mathieson, Chief Business Development Officer, Digital Asset (Canton Network)

Source: HIFI