Ascend and M1X complete Stellar repo test with onchain sovereign bond USDM1
- —72 consecutive hourly repo rolls executed between October 16 and 19
- —Pricing at SOFR plus 10 bps, roughly 3.98% annualized, with a 2% haircut
- —USDM1 is a Marshall Islands sovereign bond backed by short-dated US Treasuries
- —USDC served as the cash leg, with Chainlink data feeds for pricing
Why it matters: The test shows repo against government debt can settle onchain around the clock, but scale depends on independent counterparties and real end-to-end costs.
Source: NewsBTC