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Repo financing does not have to stop when the settlement window closes.
From Friday, October 16 to Monday, October 19, we completed the first institutional repo on @StellarOrg mainnet with @m1xglobal. USDM1, a sovereign bond issued natively onchain and secured 1:1 by short-duration US Treasuries, was financed in USDC and rolled automatically every hour: 72 consecutive rolls, overnight and through the weekend, with no manual intervention.
Terms were SOFR + 10 bps with a 2% haircut, under an executed SIFMA master repurchase agreement. @chainlink Data Feeds priced the USDC leg. Network fees for all 72 rolls came to a fraction of a cent.
businesswire.com/news/home/2026…
From Friday, October 16 to Monday, October 19, we completed the first institutional repo on @StellarOrg mainnet with @m1xglobal. USDM1, a sovereign bond issued natively onchain and secured 1:1 by short-duration US Treasuries, was financed in USDC and rolled automatically every hour: 72 consecutive rolls, overnight and through the weekend, with no manual intervention.
Terms were SOFR + 10 bps with a 2% haircut, under an executed SIFMA master repurchase agreement. @chainlink Data Feeds priced the USDC leg. Network fees for all 72 rolls came to a fraction of a cent.
businesswire.com/news/home/2026…
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Time-to-settle and time-to-finance need to compress together. If a security settles in minutes but cannot enter financing until later, the cash requirement arrives before the funding does.
Faster settlement can only improve capital efficiency if financing can keep pace.
Faster settlement can only improve capital efficiency if financing can keep pace.
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Bringing Chainlink pricing onto Stellar’s $ 4B+ tokenized asset base further strengthens the foundation for lending, collateral management and other financing activity on Stellar.
It’s especially good to see two organisations we already work closely with at Ascend coming together to deepen the role tokenized assets can play in financing markets.
It’s especially good to see two organisations we already work closely with at Ascend coming together to deepen the role tokenized assets can play in financing markets.
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The next generation of financial market infrastructure is likely to be judged by this metric: how much financing capacity can a given pool of collateral support without weakening the risk controls around it?
Tokenized securities give us a chance to improve that equation without loosening the controls that make the financing viable in the first place.
Tokenized securities give us a chance to improve that equation without loosening the controls that make the financing viable in the first place.
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If eligible collateral can support borrowing across connected markets, holders can compare a wider range of lenders on rates and terms, rather than being limited by where their assets are held.
The benefits of interoperability should be measured not only by speed and convenience, but also by the financing options it opens up.
The benefits of interoperability should be measured not only by speed and convenience, but also by the financing options it opens up.
"Any asset, […] any jurisdiction, with any custodial system, any time of day is now mobile in terms of collateral. This truly changes the game.”
- Dan Doney, CTO of @The_DTCC
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Periods of market stress are when dynamic risk controls earn their keep.
If collateral quality deteriorates, financing terms should be able to tighten before a trade reaches liquidation, through reduced capacity, higher margin requirements or tighter exposure limits. The aim is to have room to respond before resolution becomes necessary.
If collateral quality deteriorates, financing terms should be able to tighten before a trade reaches liquidation, through reduced capacity, higher margin requirements or tighter exposure limits. The aim is to have room to respond before resolution becomes necessary.
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This becomes especially important once tokenized assets are financed at scale.
Cross-chain collateral needs more than portable compliance. Encumbrances, transfer restrictions and enforcement rights also need to remain clear as the asset moves.
Cross-chain collateral needs more than portable compliance. Encumbrances, transfer restrictions and enforcement rights also need to remain clear as the asset moves.
When a tokenized asset moves between networks, its compliance requirements don’t disappear.
Keeping those rules consistent is part of making cross-chain finance usable for institutions.
Interoperability has to carry more than the token.
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As central bank money, tokenized deposits and stablecoins all become part of tokenized settlement, liquidity will increasingly depend on whether the cash and asset sides can work across those different rails.
A fragmented cash layer means a lot of the efficiency gained on the asset side gets lost again.
Financing infrastructure needs to work across those rails rather than forcing liquidity onto a single one.
A fragmented cash layer means a lot of the efficiency gained on the asset side gets lost again.
Financing infrastructure needs to work across those rails rather than forcing liquidity onto a single one.
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The 1% thought experiment becomes even more impactful once you consider the size of the financing market that could form around those securities.
As tokenized assets become usable as collateral, issued value is only one measure of the opportunity. The same securities can support funding, margin and collateral activity throughout their life.
As tokenized assets become usable as collateral, issued value is only one measure of the opportunity. The same securities can support funding, margin and collateral activity throughout their life.
1% of the equities market going on chain is a 1,000% move in tokenized stocks.
Tokenized equities are a few billion today. The equities market is 150 trillion.
@AndrewMcMarkets, Head of Institutional at @chainlink, does the math from Sibos.
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One recurrent theme at Sibos has been the role AI should play in market infrastructure. For us, that starts with a hard boundary: AI can assist probabilistic work, but regulated decisions stay deterministic, auditable and owned by a named human.
As tokenized markets move deeper into institutional infrastructure, automation can scale the operation without making it harder to see who is accountable when something goes wrong.
As tokenized markets move deeper into institutional infrastructure, automation can scale the operation without making it harder to see who is accountable when something goes wrong.
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Once tokenized securities enter financing markets, the value of a common standard becomes much clearer.
In repo, collateral can move across counterparties while the same eligibility and transfer rules still need to hold.. ERC-3643 provides a common framework for enforcing these controls as the asset moves.
In repo, collateral can move across counterparties while the same eligibility and transfer rules still need to hold.. ERC-3643 provides a common framework for enforcing these controls as the asset moves.
We use ERC-3643 because eligibility has to travel with the asset.
A proprietary format has to be integrated venue by venue. A standard gets read by anything that already supports it.
140+ institutional members sit behind it. That is what separates a standard from a proposal.
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As 24/7 trading becomes more realistic for tokenized securities, repo has an awkward question to solve: what happens when collateral keeps trading through the weekend but funding and risk processes still run on weekday schedules?
Margin triggers, exposure limits and rules for stale valuation data need to be set in advance and built into the way the facility operates.
Margin triggers, exposure limits and rules for stale valuation data need to be set in advance and built into the way the facility operates.
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Tokenized securities require institutional-grade ways to settle, finance and manage them.
The ECB’s move is yet another clear step towards tokenization becoming part of how markets actually operate.
The ECB’s move is yet another clear step towards tokenization becoming part of how markets actually operate.
LATEST: The European Central Bank launches Pontes, a platform allowing banks to settle tokenized asset transactions in wholesale central bank money separate from the retail digital euro pilot.
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The below SEC exemption requires tokenized NMS stock to preserve the rights and privileges of the equivalent traditional class.
It’s a significant experiment in changing how markets operate without changing what investors are entitled to.
It’s a significant experiment in changing how markets operate without changing what investors are entitled to.
🚨 TODAY: The SEC issued an order granting temporary, conditional exemptive relief to Tokenized Securities Venues from the definition of “exchange” in the Exchange Act to trade tokenized NMS stock using innovative permissioned automated market makers and liquidity pools.
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Interoperability without policy continuity just relocates the fragmentation.
Great to see two of our closest ecosystem partners working together to bring cross-chain movement and compliance enforcement closer together.
Great to see two of our closest ecosystem partners working together to bring cross-chain movement and compliance enforcement closer together.
Compliance that travels.
T-REX x @chainlink
CCIP moves it, ACE enforces it, Data streams prices it
ERC-3643 compliance, coming to the 60+ chins CCIP connects.
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Faster, more efficient movement of assets does not reduce the need for market structure.
Instead, speed raises the stakes around who can hold these assets, how trades settle, where liquidity comes from, how exposures are financed and what happens when something breaks.
Instead, speed raises the stakes around who can hold these assets, how trades settle, where liquidity comes from, how exposures are financed and what happens when something breaks.
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