Wall Street’s $359 billion-a-day repo market has found a use for blockchain

Wall Street has found a use for blockchain that involves neither memecoins nor replacing the banking system. It's now helping institutions borrow billions between breakfast and lunch, usually because they have government bonds but not enough cash when a payment comes due.Getting a bill paid on time might be the technology's least glamorous selling point, but banks have good reasons to care.Broadridge, a financial technology company with little of crypto's celebrity, says its distributed-ledger repo platform processed an average of $359 billion a day in September, or $7.5 trillion across the month.Its system helps institutions finance securities, move collateral, and sometimes borrow for a few hours instead of the usual overnight repo borrowing. Not every transaction it processes is an intraday loan, and the numbers measure activity rather than loans outstanding, but the scale is nothing short of extraordinary for a tradfi blockchain application.Banks can get the money they need at the wrong hour. One trading desk might own billions in US Treasury bonds, owe another institution cash at 9 a.m., and expect an equally large receipt at 11. Those bonds are valuable, but they can't settle...