Ascend Markets and M1X Global say they have completed the first institutional repurchase agreement on the Stellar network, using USDM1 sovereign bond collateral. The transaction ran through 72 automated hourly renewals between October 16 and 19, covering overnight and weekend periods, before repayment and collateral return. Announced on October 23, it offers a specific example of institutional financing running outside conventional business hours.

The firms reported pricing of SOFR plus 10 basis points, an annualized rate of 3.98%, and a 2% collateral haircut. USDM1 is issued by the Republic of the Marshall Islands and backed one-to-one by short-duration US Treasury instruments. Ascend says the arrangement combined contractual repo documentation with smart-contract execution and controls for identity, permissions and compliance. The claimed first applies to an institutional repo on Stellar, rather than to blockchain repo transactions generally.