HIFI has completed an onchain repurchase agreement with DRW on the Canton Network, with Marex serving as prime broker.
The transaction followed a familiar institutional repo structure. HIFI provided the cash leg of the trade, while DRW supplied U.S. Treasuries as collateral. Pricing was handled through Tradeweb using a request-for-quote process, matching the standard electronic dealer-to-client framework used in traditional repo markets.
The transaction settled onchain with both legs moving simultaneously. Cash and collateral settled at the same time, removing settlement risk between the two sides of the trade. Funding became available within seconds after the trade closed.
The cash leg moved across several rails. It began as fiat over real-time payment infrastructure, moved into USDC, and then into USDCx for settlement on Canton. At maturity, the process reversed automatically through the same route.
The transaction also preserved confidentiality. Payment flows, counterparty relationships and transaction amounts were not exposed to the network.
Repo is one of the core funding mechanisms in U.S. capital markets. It allows institutions to borrow cash against securities such as U.S. Treasuries and plays a central role in keeping trading and settlement activity moving. The U.S. repo market averages $12.6 trillion in daily outstanding exposures, based on data from the Office of Financial Research.
Repo has also emerged as a leading area for tokenization. ValueExchange research found that 30% of firms identified repo as their highest-priority tokenization use case, ahead of OTC derivatives margining and securities lending.
The transaction brought together several components already used by institutional market participants: competitive price discovery, prime brokerage intermediation, Treasury collateral and electronic dealer-to-client execution. The difference was the settlement layer, where cash and collateral moved through onchain infrastructure rather than separate legacy settlement processes.
For institutions, the potential benefit of onchain repo lies in faster movement of cash and collateral. Real-time settlement can reduce idle liquidity tied up by slower settlement cycles and limited market hours. That is especially relevant for firms operating outside the United States, where dollar funding and Treasury collateral may need to be managed while U.S. markets are closed.
The transaction also fits into broader changes across market infrastructure. U.S. equity exchanges have been approved for extended trading sessions, while clearing infrastructure is moving closer to near-continuous operating hours. Repo markets are part of that same shift toward more flexible, around-the-clock access to liquidity and collateral.
HIFI provides stablecoin infrastructure for tokenized money and markets. DRW is a diversified trading firm active across fixed income, equities, commodities, foreign exchange, cryptoassets and other markets. Marex provides market access, clearing, execution, market making and hedging services across global commodity and financial markets.
