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Marshall Islands' USDM1 Bond Used in the First Fully Onchain Repo Settled on Canton

Virtu, M1X Global and Tradeweb completed a repo with a sovereign digital bond in under ten minutes, all legs settling atomically on Canton.

CantonCapTeam@cantoncapPubblicato il 9 set 20262 min di lettura7 visualizzazioni

On 27 August 2026, Virtu Financial, M1X Global and Tradeweb completed what they describe as the first fully onchain repo using a sovereign digital bond. The trade was executed on Tradeweb, and the securities, cash and return legs settled atomically on the Canton Network; the full cycle took under ten minutes. The announcement does not name the cash asset.

What USDM1 is

USDM1 is a US-dollar sovereign digital bond issued natively onchain by the Republic of the Marshall Islands; M1X Global helped design and implement it. It is governed by New York law, modelled on a fully collateralised Brady bond, includes a waiver of sovereign immunity, and is backed one-to-one by short-dated US Treasuries held in bankruptcy-remote custody. It pays a coupon when used as margin or collateral, and is offered only outside the United States, under Regulation S. It is a bond, not a stablecoin.

Growing use as collateral

On 13 August, STS Digital said it would accept USDM1 as collateral across its derivatives and financing books.
On 9 September, M1X announced that Nonco is adding USDM1 as collateral.
On 30 July, M1X said it had joined DTC's Digital Assets Solutions Industry Working Group.

A note on CantonCap's figures

USDM1's only market on CantonCap is a single Canton Coin pool on Tradecraft that last updated on 2 October, so its displayed price and recent moves follow CC rather than USDM1 itself, and should not be read as price action. There were 55,144.62 USDM1 on the ledger at 07:48 UTC on 10 October.

Follow USDM1 on CantonCap.

Sources

M1X Global, First fully onchain repo transaction completed using a sovereign digital bond, 27 August 2026
Cointelegraph, Virtu, Tradeweb complete onchain repo using Marshall Islands digital bond, 27 August 2026
Trade Informer, STS Digital to accept USDM1 as collateral, 13 August 2026
M1X Global, Nonco adds USDM1 as collateral, 9 September 2026

Ti diamo il bentornato

Marshall Islands' USDM1 Bond Used in the First Fully Onchain Repo Settled on Canton

What USDM1 is

Growing use as collateral

A note on CantonCap's figures

Sources

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What USDM1 is

Growing use as collateral

A note on CantonCap's figures

Sources

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