Ascend and M1X Global completed the first institutional repurchase agreement on Stellar using USDM1 sovereign bond as collateral. The transaction included 72 consecutive automated hourly rolls over three days, including overnight and weekend operations, priced at SOFR plus 10 basis points and settled with Stellar Asset Contract tokens. The milestone demonstrates institutional financing can operate continuously on the Stellar network without manual intervention.
Ascend Markets and M1X Global executed the first institutional repo on Stellar, using USDM1—a US dollar-denominated sovereign bond backed 1:1 by US Treasuries—as collateral. The transaction processed 72 consecutive programmatic hourly rolls between October 16 and 19, including overnight and weekend financing. Priced at SOFR plus 10 basis points (3.98% annualized), with 2% collateral haircut and 98% maximum loan-to-value ratio, the repo closed successfully with automated collateral release. The transaction used Stellar Asset Contracts for both legs and incorporated Chainlink Data Feeds for collateral valuation, with aggregate network fees totaling a fraction of a cent. The breakthrough demonstrates how secured sovereign debt can be financed, repurchased, and mobilized continuously on public blockchain infrastructure while preserving legal protections and compliance controls that institutional capital markets require.
