HIFI, a stablecoin infrastructure company focused on institutional payments, announced the completion of an on-chain repurchase agreement (repo) transaction with DRW on the Canton Network. DRW, a global trade and investment firm, provided U.S. Treasury collateral, and financial services and securities firm Marex acted as prime broker.
This transaction demonstrated several capabilities of blockchain-based repository operations. Pricing is discovered through the RFQ (Request for Quote) process on Tradeweb, allowing multiple market participants to compete for pricing, similar to traditional repo markets.
The cash side of the transaction was transferred from fiat to cash through real-time payment rails. $USDC It is then converted to USDCx for settlement on the Canton Network. Once the transaction was completed, the process was automatically undone by the same route.
The companies also emphasized that transaction details, payment flows and counterparty information will remain confidential and will not be visible to the broader network.
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