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HIFI completes onchain repo trade on Canton Network
23 June 2026 US
Image: raja/stock.adobe.com
A stablecoin infrastructure company, HIFI, has announced the completion of an onchain repo transaction with trading platform DRW on the Canton Network.
HIFI provided the cash leg of the transaction against US Treasuries supplied by DRW, while Marex acted as prime broker.
Mohamed Afifi, chief operating officer at HIFI, says: “This transaction demonstrates what's possible when traditional banking infrastructure, real-time payments, stablecoins, and tokenised assets operate as a single system.
“Cash moved from fiat rails into an onchain repo transaction and back again in real time, while preserving the market structure institutions already trust. As capital markets move toward 24/7 operation, infrastructure that can mobilise cash and collateral instantly will become essential.”
The trade was executed on Tradeweb through a request-for-quote (RFQ) protocol, the same framework that opens repo pricing to multiple dealers in traditional repo marketplaces. RFQ execution allows institutions to source competitive pricing and automate trading at scale.
According to HIFI, the transaction demonstrated real-time, atomic settlement. Both legs settled simultaneously with no settlement risk between legs, and funding was available in seconds, as soon as the trade closed.
The cash leg moved in real time from fiat over real-time payments into USDC, and into USDCx for settlement on Canton. At maturity, the flow reversed automatically along the same path.
In addition, payment flows, counterparty relationships, and amounts were not exposed to the network, providing a confidential settlement.
Steve Hood, head of clearing, Americas, Marex, comments: “The significance of this transaction is not just that it settled onchain, but that it was executed through the market structure institutional participants already trust.
“Prime brokerage, competitive price discovery, and efficient collateral management are fundamental components of the repo market. This transaction demonstrates how those same services can support tokenised assets and onchain funding markets, creating a pathway for broader institutional adoption while maintaining the standards of risk management and client service the market expects.”
For HIFI, bringing repo markets onchain lets cash and collateral settle continuously and in real time, freeing capital that would otherwise sit idle due to slower settlement cycles and market hours constraints.
As well as maximising firms’ balance sheet efficiency, HIFI says moving repo onchain aligns with broader shifts in US market structure: the Securities and Exchange Commission (SEC) has approved extended trading sessions for US equity exchanges, and clearing infrastructure is moving to near-continuous operating hours.
Kelly Mathieson, chief business development officer at Digital Asset (Canton Network), adds: “Bringing these workflows onchain transforms repo from a scheduled liquidity tool into a real-time one. This is incredibly valuable for institutions, especially in cross-border markets where timing, currency, and collateral location traditionally create operational friction.
“We are eager to continue working with leading market participants, like HIFI, Marex, DRW and Tradeweb, to build a more connected, efficient, and enhanced financial ecosystem.”
HIFI provided the cash leg of the transaction against US Treasuries supplied by DRW, while Marex acted as prime broker.
Mohamed Afifi, chief operating officer at HIFI, says: “This transaction demonstrates what's possible when traditional banking infrastructure, real-time payments, stablecoins, and tokenised assets operate as a single system.
“Cash moved from fiat rails into an onchain repo transaction and back again in real time, while preserving the market structure institutions already trust. As capital markets move toward 24/7 operation, infrastructure that can mobilise cash and collateral instantly will become essential.”
The trade was executed on Tradeweb through a request-for-quote (RFQ) protocol, the same framework that opens repo pricing to multiple dealers in traditional repo marketplaces. RFQ execution allows institutions to source competitive pricing and automate trading at scale.
According to HIFI, the transaction demonstrated real-time, atomic settlement. Both legs settled simultaneously with no settlement risk between legs, and funding was available in seconds, as soon as the trade closed.
The cash leg moved in real time from fiat over real-time payments into USDC, and into USDCx for settlement on Canton. At maturity, the flow reversed automatically along the same path.
In addition, payment flows, counterparty relationships, and amounts were not exposed to the network, providing a confidential settlement.
Steve Hood, head of clearing, Americas, Marex, comments: “The significance of this transaction is not just that it settled onchain, but that it was executed through the market structure institutional participants already trust.
“Prime brokerage, competitive price discovery, and efficient collateral management are fundamental components of the repo market. This transaction demonstrates how those same services can support tokenised assets and onchain funding markets, creating a pathway for broader institutional adoption while maintaining the standards of risk management and client service the market expects.”
For HIFI, bringing repo markets onchain lets cash and collateral settle continuously and in real time, freeing capital that would otherwise sit idle due to slower settlement cycles and market hours constraints.
As well as maximising firms’ balance sheet efficiency, HIFI says moving repo onchain aligns with broader shifts in US market structure: the Securities and Exchange Commission (SEC) has approved extended trading sessions for US equity exchanges, and clearing infrastructure is moving to near-continuous operating hours.
Kelly Mathieson, chief business development officer at Digital Asset (Canton Network), adds: “Bringing these workflows onchain transforms repo from a scheduled liquidity tool into a real-time one. This is incredibly valuable for institutions, especially in cross-border markets where timing, currency, and collateral location traditionally create operational friction.
“We are eager to continue working with leading market participants, like HIFI, Marex, DRW and Tradeweb, to build a more connected, efficient, and enhanced financial ecosystem.”
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