HIFI, DRW, and Marex Advance Onchain Repo on the Canton Network

Rhea-AI Summary

HIFI announced completion of an onchain repurchase (repo) transaction with DRW on the Canton Network, with Marex (MRX) as prime broker. The trade used Tradeweb RFQ for competitive price discovery, settled atomically in real time, and converted fiat cash into USDC and USDCx while keeping settlement flows confidential.

According to HIFI, onchain repo can enable continuous collateral and cash mobility, supporting 24/7 markets and benefiting especially non‑US institutions holding dollars and U.S. Treasuries. The U.S. repo market averages $12.6 trillion in daily outstanding exposures, and 30% of firms rank repo as their top tokenization use case.

News Market Reaction – MRX

+0.23%

3 alerts

+0.23% Session close to close

$4.70B Market Cap

0.5x Rel. Volume

In the Jun 17 session, MRX gained 0.23%, reflecting a mild positive market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights Marex’s role as prime broker in an onchain repo transaction, connecting...

Analysis

This announcement highlights Marex’s role as prime broker in an onchain repo transaction, connecting traditional repo market structure with stablecoin and tokenized asset infrastructure. Against a backdrop of prior hybrid-note issuance, strategic acquisitions, and governance updates, it reinforces Marex’s positioning in evolving electronic and 24/7 markets. Investors may watch how often such onchain workflows recur and whether they translate into measurable balance sheet or revenue contributions.

Key Figures

U.S. repo daily exposures: $12.6 trillion Repo tokenization priority: 30% of firms

2 metrics

U.S. repo daily exposures $12.6 trillion Average daily outstanding exposures in U.S. repo market

Repo tokenization priority 30% of firms Share naming repo as highest-priority tokenization use case

Historical Context

5 past events · Latest: Jun 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 09	Hybrid notes offering	Positive	+2.4%	Closed U.S.$500M perpetual subordinated hybrid notes offering at 7.7%.
Jun 08	Board appointment	Positive	+6.2%	Appointed experienced credit and fixed income executive to Group Board.
Jun 01	Strategic acquisition	Positive	+0.9%	Acquired Levmet to expand metals, energy and power trading capabilities.
May 28	Conference participation	Positive	+2.2%	Announced CEO appearance at Piper Sandler Global Exchange & FinTech event.
May 18	Debt consent solicitation	Positive	+0.1%	Completed consent solicitation to amend 6.404% 2029 notes ahead of redomiciliation.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent MRX news and corporate actions have generally been followed by positive price reactions.

Recent Company History

Over the past month, MRX has released several corporate updates, including a U.S.$500 million hybrid notes offering on Jun 09, 2026, a Board appointment on Jun 08, 2026, and the Levmet acquisition on Jun 01, 2026. Earlier, Marex highlighted conference participation and a successful consent solicitation for its 6.404% 2029 notes. Each event saw modestly positive price reactions, suggesting investors have generally viewed Marex’s financing, governance, and strategic expansion steps constructively relative to today’s onchain repo news involvement.

Key Terms

repurchase agreement, stablecoin, request-for-quote (RFQ), prime broker, +4 more

8 terms

repurchase agreement financial

"The repurchase agreement was priced through request-for-quote"

A repurchase agreement is a short-term loan in which one party sells a financial security (often government bonds) to another with a promise to buy it back at a slightly higher price on a set future date. Think of it like a pawn-shop loan using safe securities as collateral; it matters to investors because these agreements are a core way banks and funds get quick cash, influence short-term interest rates, and create exposure to counterparty and liquidity risk.

stablecoin financial

"HIFI, the stablecoin infrastructure company, today announced"

A stablecoin is a type of digital currency designed to keep its value steady, often by being backed by traditional assets like money or commodities. For investors, stablecoins offer a reliable way to move money quickly across digital platforms without the value fluctuations common with other cryptocurrencies, making them useful for saving, trading, or transferring funds with less risk of sudden losses.

request-for-quote (RFQ) financial

"The trade was executed on Tradeweb through a request-for-quote (RFQ) protocol"

A request-for-quote (RFQ) is a formal process where a buyer asks potential sellers to provide prices and details for a specific product or service. It helps buyers compare options and make informed decisions, much like asking multiple stores for prices before buying a big ticket item. For investors, understanding RFQs is important because they reveal how companies or institutions seek competitive offers, which can influence market activity and pricing.

prime broker financial

"HIFI provided the cash leg... and Marex acted as prime broker."

A prime broker is a financial firm that provides trading, custody, financing, clearing and operational support to large professional investors such as hedge funds, acting like a one-stop back office and lending desk. For investors, a prime broker matters because it supplies access to leverage, trade execution, securities lending and consolidated reporting—services that reduce paperwork, lower costs and expand market access but also concentrate counterparty risk if the broker runs into trouble.

real-time payments (RTP) financial

"The cash leg moved in real time from fiat over real-time payments (RTP)"

Real-time payments (RTP) are electronic transfers that move money instantly and irreversibly between bank accounts any time of day, so the sender and receiver see funds available within seconds. For investors, RTP matters because it speeds up cash flow and reduces the delay between earning and accessing money—like turning a check into an instant text message—affecting companies’ working capital, customer experience, fee income, and operational risk.

USDC financial

"into USDC, and into USDCx for settlement on Canton."

USDC is a digital token designed to hold the same value as one U.S. dollar, acting like a digital dollar you can use on the internet. Investors care because it provides a quick, low-cost way to move and store value, reduce price swings common in cryptocurrencies, and park cash in trading or payments without converting to traditional bank deposits, though its safety depends on how and where the backing dollars are held.

tokenized assets financial

"can support tokenized assets and onchain funding markets"

A tokenized asset is a digital representation of ownership or rights to a real-world or financial item—such as property, a bond, or a piece of art—recorded on a secure digital ledger. Think of it like turning an asset into many small, tradable tickets that can be bought, sold, or transferred more quickly and cheaply; for investors this can mean easier access, fractional ownership, greater liquidity, and faster settlement, but also introduces technology, legal and market risks.

settlement risk financial

"settled simultaneously with no settlement risk between legs"

Settlement risk is the danger that a promised exchange of money, securities or assets does not happen as agreed — for example because one side fails to deliver, payment is delayed, or systems break down. Investors care because this can cause direct losses, unexpected cash shortfalls, or damaged trading relationships; think of it like paying for an online order and not receiving the goods, leaving you out of pocket and disrupting your plans.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

The repurchase agreement was priced through request-for-quote and intermediated by a prime broker, following the standard structure for electronic dealer-to-client repo execution.

NEW YORK, June 17, 2026 /PRNewswire/ -- HIFI, the stablecoin infrastructure company, today announced the completion of an onchain repurchase transaction with DRW on the Canton Network.

HIFI provided the cash leg of the transaction against U.S. Treasuries supplied by DRW, and Marex acted as prime broker. This transaction demonstrated:

• Competitive price discovery: 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.
• 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.
• Cash leg orchestration across rails: The cash leg moved in real time from fiat over real-time payments (RTP) into USDC, and into USDCx for settlement on Canton. At maturity, the flow reversed automatically along the same path.
• Confidential settlement: Payment flows, counterparty relationships, and amounts were not exposed to the network.

Repo is the funding layer beneath U.S. capital markets, supplying the short-term cash that keeps trading and settlement moving. The U.S. repo market averages $12.6 trillion in daily outstanding exposures, according to the Office of Financial Research.

Repo also ranks as the market's top candidate for tokenization. In ValueExchange research, 30% of firms named repo as their highest-priority use case, ahead of OTC derivatives margining and securities lending.

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. In addition to maximizing firms' balance sheet efficiency, moving repo onchain aligns with broader shifts in U.S. market structure: the SEC has approved extended trading sessions for U.S. equity exchanges, and clearing infrastructure is moving to near-continuous operating hours.

The shift is particularly significant for financial institutions outside the U.S., which hold dollars and U.S. Treasuries but operate in time zones where U.S. markets are closed for much of the business day. Onchain repo enables these institutions to access dollar funding and mobilize Treasury collateral outside traditional U.S. market hours.

Quotes

"This transaction demonstrates what's possible when traditional banking infrastructure, real-time payments, stablecoins, and tokenized 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 mobilize cash and collateral instantly will become essential." — Mohamed Afifi, Chief Operating Officer, HIFI

"As a liquidity provider, we're constantly looking for ways to make markets more efficient. What makes this transaction notable is not just that it settled onchain, but that it did so through a competitive execution and intermediary framework institutional participants use every day. Combining that with 24/7 real-time settlement to realize a step change in capital efficiency highlights the ability for blockchain technology to improve capital markets at scale." — Chris Zuehlke, Partner, DRW Cumberland

"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 tokenized 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." — Steve Hood, Head of Clearing, Americas, Marex

"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." — Kelly Mathieson, Chief Business Development Officer, Digital Asset (Canton Network)

About HIFI

HIFI is the stablecoin infrastructure company for tokenized money and markets. HIFI provides the platform that enables financial institutions and enterprise clients to issue, move, and settle cash, collateral, and assets across banking rails and blockchain networks. HIFI powers payments, treasury operations, and capital markets activity on stablecoin rails. Learn more at hifi.com.

About DRW

DRW is a diversified trading firm with decades of experience bringing sophisticated technology and exceptional people together to operate in markets around the world. Headquartered in Chicago with offices around the globe, we trade a number of asset classes, including Fixed Income, ETFs, Equities, FX, Commodities and Energy. We also have leveraged our expertise and technology to expand into three non-traditional strategies: real estate, venture capital and cryptoassets. Learn more at drw.com.

About Marex

Marex Group plc (NASDAQ: MRX) provides market access, infrastructure services and essential liquidity to clients across global commodity and financial markets. The Group provides comprehensive breadth and depth of coverage across four services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to more than 60 exchanges. Marex has over 3,400 active clients, including some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 50 offices worldwide, the Group has over 3000 employees across Europe, Asia and the Americas. For more information visit www.marex.com.

About the Canton Network
Canton is the only public, permissionless blockchain purpose-built for institutional finance–uniquely combining privacy, compliance, and scalability. With participation from leading global financial institutions and network governance independently facilitated by the Canton Foundation, Canton enables real-time, secure synchronization and settlement across multiple asset classes on a shared, interoperable infrastructure. The open-sourced network is powered by its native token, Canton Coin, and supports decentralized governance and collaborative application development. It's the proven link between the promise of blockchain and the power of global finance, making finance flow the way it should. Learn more at: canton.network.

Media Contacts
HIFI press@hifi.com
DRW media@drw.com
Marex Jennifer Hallahan, jhallahan@marex.com
Canton Paul Patella, paul.patella@digitalasset.com

View original content:https://www.prnewswire.com/news-releases/hifi-drw-and-marex-advance-onchain-repo-on-the-canton-network-302802300.html

SOURCE Canton Network

FAQ

What did HIFI announce about onchain repo with Marex (MRX) and DRW on June 17, 2026?

HIFI announced it completed an onchain repurchase (repo) transaction with DRW on the Canton Network, with Marex (MRX) acting as prime broker. According to HIFI, the trade featured competitive RFQ execution, real-time atomic settlement, and cash movement from fiat into USDC and USDCx.

How did the HIFI, DRW, and Marex (MRX) onchain repo transaction on the Canton Network work?

The transaction followed a standard electronic dealer-to-client repo structure, priced via Tradeweb RFQ and intermediated by a prime broker. According to HIFI, DRW supplied U.S. Treasuries, HIFI provided the cash leg, and settlement occurred atomically in seconds using fiat, USDC, and USDCx.

Why is bringing repo markets onchain important for Marex (MRX) and other institutional investors?

Bringing repo onchain allows cash and collateral to settle continuously in real time, potentially freeing capital otherwise idle during slower cycles. According to HIFI, this can improve balance sheet efficiency and aligns with moves toward extended U.S. equity trading and near-continuous market infrastructure operation.

How does onchain repo on the Canton Network benefit non-US institutions holding U.S. Treasuries and dollars?

Onchain repo lets non-US institutions access dollar funding and mobilize Treasury collateral outside traditional U.S. market hours. According to HIFI, this is valuable where time zones, currencies, and collateral locations typically create operational friction, enabling more flexible cross-border liquidity management.

What role did Marex (MRX) play in the HIFI and DRW onchain repo transaction?

Marex (MRX) acted as the prime broker, intermediating the onchain repo transaction between HIFI and DRW. According to Marex, the deal showed how prime brokerage, competitive price discovery, and collateral management can support tokenized assets and onchain funding while preserving familiar institutional market structures.

How was competitive pricing achieved in the HIFI, DRW, and Marex (MRX) onchain repo deal?

Pricing was achieved using Tradeweb’s request-for-quote (RFQ) protocol, commonly used in traditional dealer-to-client repo markets. According to HIFI, RFQ execution opened repo pricing to multiple dealers, enabling institutions to source competitive rates and automate trading at scale.

What settlement and confidentiality features did the Canton Network provide for the HIFI and Marex (MRX) onchain repo?

The transaction settled atomically, with both legs completing simultaneously and funding available in seconds. According to HIFI, payment flows, counterparty relationships, and amounts remained confidential to the participants, while cash moved across fiat, RTP, USDC, and USDCx rails in real time.