Sovereign, Treasury‑Backed Collateral for 24/7 Capital Markets

Reduce exposures. Improve capital efficiency. Unlock balance sheet capacity.

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USDM1 is:

  • A sovereign, USD-denominated, Treasury-collateralized1 financial instrument natively issued on-chain
  • Designed for institutions where capital efficiency, collateral quality and enforceable netting drive performance
  • Compatible with ISDA netting frameworks, GMRA repo structures, GMSLA secured financing and UCC 8/9 custody and control
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Banks

Deploy sovereign, Treasury-backed1 collateral across margin, repo and funding workflows with enforceable netting. Optimize balance sheet usage while maintaining yield and regulatory alignment.

Prime Brokerages

Accept financeable, nettable sovereign collateral across client margin and secured financing activity. Increase client capacity, improve pricing and compress exposures without expanding balance sheet.

OTC Desks

Use nettable sovereign collateral to manage bilateral exposures across counterparties. Improve capital efficiency across derivatives and structured trading relationships. Convert working capital into USD that pays a sovereign coupon.

Market Makers & Liquidity Providers

Integrate high-quality, yield-bearing sovereign collateral across margin and funding channels. Improve inventory efficiency and optimize capital usage across workflows and venues.

Hedge Funds & Trading Firms

Utilize sovereign, Treasury-backed1 collateral across margin, repo and structured trading strategies. Enhance leverage, reduce capital per trade and generate yield on collateral balances.

Asset Managers & Institutional Investors

Hold a USD-denominated sovereign instrument that generates yield, maintains look-through to the credit of pledged U.S. Treasuries and is compatible with institutional portfolios. Optimize flexibility across allocation, collateral and settlement workflows.

Corporate Treasurers

Upgrade USD balances into yield-generating sovereign collateral with full operational flexibility. Maintain liquidity while enabling use across financing, collateral and settlement activities.

Custody, Collateral & Settlement Infrastructure

Integrate sovereign collateral into custody, control and post-trade systems. Enable efficient movement, enforceable transfer and reduced settlement risk.

Exchanges & Trading Venues

Expand collateral options with a Treasury-backed1 sovereign instrument. Support financeable, nettable collateral across trading and margin systems. Improve margin efficiency and support deeper institutional participation across products.

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Parallel vertical lines converging downward into a trapezoidal funnel shape, with gradient spacing tightening toward the narrow base.
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Banks

Banks operate under capital, leverage, and liquidity constraints. USDM1 is sovereign, Treasury-collateralized1 inventory designed for netting, financing, and balance sheet efficiency with 24/7 settlement.

Four stacked diamond-shaped planes viewed in isometric perspective, each with gradient shading deepening from top to bottom, creating a layered tier effect.Four stacked diamond-shaped planes viewed in isometric perspective, each with gradient shading deepening from top to bottom, creating a layered tier effect.

Applications

USDM1 can be deployed across margin, repo and secured financing workflows with enforceable close-out netting. It supports derivatives, lending, funding and treasury operations while optimizing internal and client-facing balance sheets.

Impact

  • Reduces gross exposures through enforceable netting
  • Improves capital efficiency across derivatives and financing
  • Provides yield-bearing sovereign collateral
  • Aligns with existing legal and regulatory frameworks
  • Usable under standard market documentation

Prime Brokerages

Prime brokerages allocate balance sheet across margin, financing and client activity. Collateral eligibility and netting treatment directly determine client capacity, pricing and returns.

Parallel vertical lines converging downward into a trapezoidal funnel shape, with gradient spacing tightening toward the narrow base.Parallel vertical lines converging downward into a trapezoidal funnel shape, with gradient spacing tightening toward the narrow base.

Applications

USDM1 can be accepted as nettable, financeable sovereign collateral, enabling efficient margining and secured funding across client and proprietary positions.

Impact

  • Lowers initial margin and capital requirements
  • Compresses gross exposures without expanding balance sheet usage
  • Provides financeable inventory across margin, repo, and lending
  • Supports title transfer and pledge-based collateral structures
  • Improves internal balance sheet utilization
  • Enables tighter pricing and increased client capacity

OTC Desks

OTC desks manage large bilateral exposures and significant working capital buffers. Collateral efficiency directly impacts trading economics.

Tightly spaced vertical bars of varying heights forming a smooth undulating silhouette, with gradient shading fading toward their base.Tightly spaced vertical bars of varying heights forming a smooth undulating silhouette, with gradient shading fading toward their base.

Applications

USDM1 can be used as nettable, financeable collateral across bilateral trading relationships, reducing exposures while converting working capital into yield-bearing sovereign collateral.

Impact

  • Improves capital efficiency
  • Reduces gross exposure through netting
  • Supports derivatives margining and structured trading
  • Enables financing via repo and secured lending
  • Drives tighter pricing

Market Makers & Liquidity Providers

Liquidity providers rely on readily financeable collateral to manage inventory and quote across venues. USDM1 keeps capital deployed while generating a return.

Uniform grid of large three-dimensional spheres with consistent gradient shading, arranged in evenly spaced diagonal rows across the composition.Uniform grid of large three-dimensional spheres with consistent gradient shading, arranged in evenly spaced diagonal rows across the composition.

Applications

USDM1 functions as margin, inventory, and repo-eligible collateral, allowing capital to move across venues and funding channels while remaining yield-bearing.

Impact

  • Upgrades non-nettable exposures into sovereign, financeable collateral
  • Supports tighter spreads
  • Enables collateral reuse without sacrificing yield

Hedge Funds & Trading Firms  

Hedge funds need to balance liquidity, financing and returns. USDM1 enables sovereign, Treasury-backed1 collateral to be deployed across trading, margin, and financing workflows.

Vertical rounded bars ascending and descending in height to form a smooth wave contour, evenly spaced with gradient shading.Vertical rounded bars ascending and descending in height to form a smooth wave contour, evenly spaced with gradient shading.

Applications

USDM1 can be used as margin, collateral and repo-eligible inventory across basis, relative value and structured trading strategies. It enables additional leverage, hedging and more capital-efficient portfolio construction.

Impact

  • Improves margin efficiency with nettable sovereign collateral
  • Generates yield on collateral balances
  • Enables leverage through secured financing
  • Reduces capital required per trade
  • Supports complex strategies with more efficient margining, financing and liquidity management

Asset Managers & Institutional Investors

Institutional investors require capital preservation and yield. USDM1 provides a digitally native, sovereign, Treasury-backed1 instrument that's compatible with institutional portfolios.

Four chevron-shaped arrows pointing right, staggered diagonally across the composition, each with gradient shading and soft shadows creating a three-dimensional forward-motion effect.Four chevron-shaped arrows pointing right, staggered diagonally across the composition, each with gradient shading and soft shadows creating a three-dimensional forward-motion effect.

Applications

USDM1 can be held as a liquid, yield-bearing USD exposure. It can be deployed across treasury, collateral and settlement workflows under industry standard documentation.

Impact

  • Maintains liquidity while generating yield
  • Aligns with traditional investment and custody frameworks
  • Supports collateral and settlement integration across regulated institutional workflows

Corporate Treasurers

Treasury teams need to balance operational flexibility and liquidity management. USDM1 upgrades USD balances into sovereign, Treasury-backed,1 yield-generating collateral.

Dense grid of rounded rectangles with alternating gradient fills, creating a tiled mosaic with subtle tonal variation across rows and columns.Dense grid of rounded rectangles with alternating gradient fills, creating a tiled mosaic with subtle tonal variation across rows and columns.

Applications

USDM1 can be used for treasury reserve allocation, combining liquidity, yield, and usability across financing, collateral and settlement.

Impact

  • Provides USD exposure with embedded yield
  • Converts balances into productive collateral
  • Aligns with financial asset or cash equivalent accounting treatment
  • Can be pledged, financed, or reused across workflows

Custody, Collateral & Settlement Infrastructure

USDM1 is sovereign collateral that integrates into regulated custody, collateral management and settlement systems - enabling secure movement, control and lifecycle management across institutional workflows.

Evenly spaced grid of intersecting vertical and horizontal lines with circles at each junction, forming a network graph pattern.Evenly spaced grid of intersecting vertical and horizontal lines with circles at each junction, forming a network graph pattern.

Applications

USDM1 is a programmable financial instrument that can be integrated into custody and post-trade systems, moving efficiently as a collateral and settlement asset across bilateral and multi-party workflows.

Impact

  • Combines collateral and settlement asset into a single instrument
  • Enables efficient collateral mobility
  • Supports enforceable title transfer and segregation
  • Minimizes intraday exposure and settlement risk
  • Improves post-trade capital efficiency

Exchanges & Trading Venues

Exchanges and trading venues rely on collateral that can integrate with margin and risk systems. USDM1 introduces sovereign, Treasury-backed1 collateral for 24/7 institutional margin frameworks.

Array of three-dimensional spheres arranged in a grid, scaling larger toward the center and smaller at the edges with soft shading.Array of three-dimensional spheres arranged in a grid, scaling larger toward the center and smaller at the edges with soft shading.

Applications

USDM1 can be used as a nettable, financeable collateral and settlement asset within margin and risk systems across trading venues.

Impact

  • Reduces margin requirements
  • Aligns with institutional risk and capital models
  • Expands institutional participation by improving collateral quality
  • Enables more efficient cross-platform capital flows

Institutional markets run on high‑quality collateral

USDM1 is a sovereign, USD-denominated financial asset secured 1:1 by U.S. Treasury instruments under New York law. It is designed for margin, financing and settlement workflows, reducing gross exposures while generating yield.