On-chain repo

Tokenized securities financed atomically against a live haircut. Collateral value tracks the token price intraday; when it slips below the financed principal the line is flagged Margin call for the desk to top up.

Gateway

Active repos 4

On the book now

Margin calls 1

Action needed

Financed (JPY) ¥29B

Active principal

Financed —

No active principal

Repo ledger

Margin-called lines first

Ref	Collateral / counterparty	Direction	Principal	Haircut	Rate	Collateral value	Margin
REPO-2607-0001 05 Jul 2026 → 02 Aug 2026	Tokenized JGB #378 10Y 0.80% 2034 Goldman Sachs · PROGMAT	Repo	¥10B	2.00%	0.15%	¥9.9B -¥150M	Margin call
REPO-2607-0002 08 Jul 2026 → 15 Jul 2026	Tokenized JGB #431 5Y 0.50% 2030 Citadel · PROGMAT	Reverse repo	¥6.5B	1.50%	0.12%	¥6.6B +¥98M	Ok
REPO-2607-0003 10 Jul 2026 → 24 Jul 2026	Tokenized JGB #452 2Y 0.30% 2028 BlackRock · PROGMAT	Repo	¥4.0B	1.00%	0.08%	¥4.0B +¥40M	Ok
REPO-2607-0004 02 Jul 2026 → 16 Jul 2026	Tokenized JGB #378 10Y 0.80% 2034 LCH · PROGMAT	Reverse repo	¥8.0B	2.25%	0.14%	¥8.2B +¥180M	Ok
REPO-2606-0087 08 Jun 2026 → 11 Jul 2026	Tokenized JGB #431 5Y 0.50% 2030 JPMorgan · PROGMAT	Repo	¥5.0B	1.75%	0.10%	¥5.1B +¥88M	Ok

Settlement instructions

The fiat and token legs moving across the rails

Ref	Linked trade	Rail	Amount	Speed	Cost	Status
SET-2607-0007	FX-2607-4472	SWIFT	$15M	1-2 business days	13 bps	Failed
SET-2607-0005	—	ETHEREUM	$13M	~15 seconds	1 bps	Queued
SET-2607-0006	FX-2607-4471	SWIFT	€9.8M	1-2 business days	22 bps	Queued
SET-2607-0002	REPO-2607-0003	PROGMAT	¥4.0B	T+0 atomic (DVP)	0 bps	Settled
SET-2607-0008	—	ETHEREUM	€5.0M	~15 seconds	1 bps	Settled
SET-2607-0004	—	ETHEREUM	$25M	~15 seconds	0 bps	Settled
SET-2607-0003	REPO-2607-0004	PROGMAT	¥8.0B	T+0 atomic (DVP)	1 bps	Settled
SET-2607-0001	REPO-2607-0001	PROGMAT	¥10B	T+0 atomic (DVP)	0 bps	Escrowed