Singapore’s OCBC bank executed an intraday reverse repurchase (repo) transaction on JP Morgan’s Onyx Digital Assets platform, in which it lent money to JP Morgan, receiving tokenized securities in exchange. Less than four hours later, the transaction was unwound together with interest. JP Morgan said this was the first time an external counterparty had the ability to execute reverse repos.
It’s usually JP Morgan that does the cash lending to clients, taking tokenized securities in exchange. So far it has ten clients using the repo platform, which has conducted a cumulative $1.5 trillion in transactions since its launch in 2020.
OCBC also executed an intraday repo transaction as a cash borrower. While both transactions were in US dollars, the platform also supports euros.
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