Ascend Markets and M1X Global complete onchain repo agreement
23 October 2026 US
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Ascend Markets and M1X Global have completed an institutional repo agreement on the Stellar network utilising USDM1 sovereign bond collateral.
USDM1 is a US dollar-denominated sovereign bond issued natively onchain by the Republic of the Marshall Islands, backed one-to-one by short-duration US Treasuries.
The agreement was executed through Ascend鈥檚 institutional credit facility using Stellar鈥檚 smart contracts, completing 72 consecutive programmatic hourly rolls between 16 and 19 October 2026 without manual intervention.
The transaction was priced at the Secured Overnight Financing Rate (SOFR) plus 10 basis points 鈥� equivalent to an annualised financing rate of 3.98 per cent, with daily accruing interest, a 2 per cent collateral haircut, and a maximum loan-to-value ratio of 98 per cent.
The repo concluded with the repayment and return of the USDM1 collateral.
The trade used Chainlink鈥檚 USDC data feeds as its price oracle, along with USDM1鈥檚 published par redemption schedule to support collateral valuation, and Stellar Asset Contract tokens were utilised for both legs of the repo.
Commenting on the agreement, Dennis O鈥機onnell, CEO and co-founder of Ascend, says: 鈥淭ogether with M1X Global, we have demonstrated that repo financing can operate continuously on the Stellar blockchain while preserving the legal protections, compliance controls and financing mechanics that financial institutions require.鈥�
Jordan Goldman, president and chief operating officer at M1X Global, adds: 鈥淏y combining secured sovereign debt with programmable repo infrastructure on the Stellar network, institutions have the ability to mobilise the same collateral more efficiently and support more financing activity with a given collateral pool.鈥�
USDM1 is a US dollar-denominated sovereign bond issued natively onchain by the Republic of the Marshall Islands, backed one-to-one by short-duration US Treasuries.
The agreement was executed through Ascend鈥檚 institutional credit facility using Stellar鈥檚 smart contracts, completing 72 consecutive programmatic hourly rolls between 16 and 19 October 2026 without manual intervention.
The transaction was priced at the Secured Overnight Financing Rate (SOFR) plus 10 basis points 鈥� equivalent to an annualised financing rate of 3.98 per cent, with daily accruing interest, a 2 per cent collateral haircut, and a maximum loan-to-value ratio of 98 per cent.
The repo concluded with the repayment and return of the USDM1 collateral.
The trade used Chainlink鈥檚 USDC data feeds as its price oracle, along with USDM1鈥檚 published par redemption schedule to support collateral valuation, and Stellar Asset Contract tokens were utilised for both legs of the repo.
Commenting on the agreement, Dennis O鈥機onnell, CEO and co-founder of Ascend, says: 鈥淭ogether with M1X Global, we have demonstrated that repo financing can operate continuously on the Stellar blockchain while preserving the legal protections, compliance controls and financing mechanics that financial institutions require.鈥�
Jordan Goldman, president and chief operating officer at M1X Global, adds: 鈥淏y combining secured sovereign debt with programmable repo infrastructure on the Stellar network, institutions have the ability to mobilise the same collateral more efficiently and support more financing activity with a given collateral pool.鈥�
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