Ascend and M1X Global completed the first institutional repurchase agreement on Stellar, using USDM1 sovereign bond as collateral. The transaction included 72 consecutive programmatic hourly rolls over three days at SOFR+10bp, demonstrating that institutional secured financing can operate 24/7 on blockchain without manual intervention.
Ascend and M1X Global completed the first institutional repo on Stellar, using USDM1—a sovereign bond issued by the Republic of Marshall Islands backed 1:1 by US Treasuries—as collateral. The transaction executed 72 consecutive automated hourly rolls from October 16-19, priced at SOFR+10bp (3.98% annualized), with interest accruing daily and a 2% haircut. All settlement occurred on-chain using Stellar Asset Contract tokens, with network fees totaling a fraction of a cent. The milestone demonstrates that institutional-grade secured financing can operate continuously on blockchain, enabling collateral to be financed, repurchased, and redeployed around the clock—capabilities constrained by traditional banking settlement windows.
