Virtu Financial, M1X Global and Tradeweb completed an institutional repurchase agreement on Aug. 27 using USDM1, a dollar-denominated sovereign digital bond issued onchain by the Republic of the Marshall Islands, as collateral. The full repo and repurchase cycle settled atomically on the Canton Network in under 10 minutes, with securities delivery, cash transfer and the return leg completing together and without a prime broker, versus traditional T+1 settlement. USDM1 is structured under New York law in the style of a fully collateralized Brady bond, backed one-for-one by short-dated U.S. Treasurys in bankruptcy-remote custody, and investors receive a first-priority security interest under Uniform Commercial Code Articles 8 and 9. The instrument continues to pay a sovereign coupon when pledged and can enter standard close-out netting arrangements. It is offered outside the United States under Regulation S and has not been registered under the U.S. Securities Act; custody options include Anchorage Digital, BitGo and tZERO, with Bank of Guam announcing institutional support and availability through Tradeweb. The companies called it the first known repo through a major institutional venue to combine natively issued sovereign collateral with fully onchain settlement, a claim that is not independently verified. Transaction value, rate, maturity and full counterparty identities were not disclosed. The trade follows earlier Canton activity, including a July Tradeweb transfer of Franklin Templeton tokenized Treasurys to Virtu, though broader adoption will hinge on repeatability, compliance integration and performance beyond a single cycle.