HIFI announced the successful completion of an on‑chain repurchase agreement with DRW on the Canton Network, with Marex serving as the prime broker for the transaction. The deal employed U.S. Treasury collateral supplied by DRW and showcased a blockchain‑based approach to institutional payments. Investors watched the process as it combined traditional finance practices with crypto‑enabled settlement.
Blockchain‑Enabled Repo Structure
The pricing of the repo was determined through a request‑for‑quote (RFQ) on Tradeweb, allowing multiple market participants to submit competing rates, mirroring conventional repo markets. This RFQ mechanism leveraged the transparency of the blockchain while preserving the competitive dynamics that institutional investors expect.
Settlement Flow and Confidentiality
Cash moved from fiat channels into USDC via real‑time payment rails, then converted to USDCx for on‑chain settlement on the Canton Network. Upon maturity, the system automatically reversed the flow, returning funds to their original form. Throughout the process, transaction details, payment routes, and counterparty identities remained hidden from the broader network, ensuring privacy for the parties involved.