Australia's first tokenised corporate bond issued
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The news: Imperium Markets has issued the first tokenised corporate bond in Australia as part of Project Acacia, which is led by the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre.
The context: The bond was settled on Redbelly Network using Macropod stablecoin AUDM and was purchased by Barrenjoey Markets, which then executed a secondary trade to digital asset management company JellyC.
The two transactions took four minutes to compete, which Imperium Markets said would have previously taken up to four days.
What they said: Imperium chair Rod Lewis said: “To have an investor deal directly on a primary issuance and then sell it to another investor, and to have those transactions settle atomically with a stablecoin with zero settlement risk, is revolutionary for our markets. It also paid the coupons and maturity payment automatically”.
“Investors being able to transact on securities with their peers is something the market has been demanding for years. This will have dramatic improvement on productivity and improved investment returns for all Australians.”
Macropod chief executive Drew Dradford said: “We have proven that tokenising bonds and settling with AUDM stablecoin in Imperium's licenced marketplace is possible. Technology will change markets for the better, we need to make sure Australia is ready for what is an inevitable transition to tokenised markets".
The source: Imperium media release
