Came across a pretty substantial development: Ascend Markets and M1X Global completed the first institutional repo on Stellar, backed by USDM1, an on-chain dollar-denominated sovereign bond (1:1 short-term U.S. Treasuries). From October 16 to 19, they ran 72 automatic hourly rollovers in a row, including overnight and over the weekend, priced at SOFR+10bp (about 3.98% annualized), with a 2% haircut and 98% LTV. Principal and interest were fully repaid, and the collateral was returned. The traditional repo market is enormous, so seeing this kind of programmable 24/7 financing actually happen on a public blockchain feels more tangible than just slogans. #RWA #Stellar #InstitutionalCapital