Zug, Switzerland, December 23, 2025, Chainwire
The transaction was settled and managed via Membrane’s post-trade credit infrastructure and executed under a GMRA and digital asset annex, establishing the first standardized stable finance market on public blockchains.
Solstice Labs, Cor Prime and Membrane Labs today announced the successful completion of the first institutional stablecoin-for-stablecoin (Repo) repurchase agreement executed under traditional market documentation and settled on a public blockchain. The transaction marks the creation of a standardized, institutional-grade stablecoin funding marketplace that brings familiar TradFi liquidity tools directly to the public blockchain.
The repo was executed bilaterally under a Global Master Repurchase Agreement (GMRA) and Digital Asset Annex, with assets and liquidity transferred directly between institutional wallets on Solana and Ethereum. Membrane’s institutional post-trade credit infrastructure provided on-chain settlement, maintenance and lifecycle management, enabling cross-chain movement of assets with full transfer of ownership and repo-style settlement.
This structure represents the first time that a native stablecoin serves as the asset leg in an institutional repo. Solstice released its native stablecoin, USX, as the asset leg, while Cor Prime provided USDC as the treasury leg. Both legs will be settled at maturity at a price reflecting the agreed repo rate. Unlike smart contract lending pools, this transaction reflects the legal, operational and economic mechanisms of traditional repo markets.
A new financing primitive for stablecoins
Stablecoins vary widely in liquidity, regulatory treatment, and institutional adoption. Until now, issuers and traders have lacked the financing tools used in traditional markets to find liquidity, defend pegs, or access short-term financing without selling inventory. Overcollateralized loans and automated loan pools have been the only models available, neither of which resemble institutional repo structures.
By allowing USX to be funded against USDC via a standardized repo, Solstice benefits from new flexibility in balance sheet management and peg resilience. The structure also opens new avenues for investors to achieve structured returns using the market mechanisms they already understand.
“This repo shows that stablecoins can use the same balance sheet tools as traditional market participants,” said David Plisek, COO of Solstice. “For Solstice and USX, this strengthens the resilience of the peg through disciplined liquidity management and allows excess capital to enhance the protocol’s structured, low-risk return without compromising stability.”
New institutional infrastructure for on-chain credit markets
Membrane provided the post-trade credit infrastructure necessary to execute, margin, settle and manage repos across channels. Its platform allows institutions to transact using familiar legal documentation while benefiting from the speed and finality of public blockchain settlement.
“This is the first step towards a truly institutional digital asset repo market. Stablecoin collateral can now scale with legal certainty, operational discipline and term structure, all on public blockchains,” said Carson Cook, CEO of Membrane. “Membrane is building the pre- and post-trade credit infrastructure layer that will enable this market to operate on a global scale.”
Cor Prime provided the institutional liquidity needed to make the repo functional, acting as an OTC counterparty and enabling the first cross-chain repo settlement between stablecoins on a public network.
“Working in partnership with Solstice Labs and Membrane, this repo transaction demonstrates that systematically integrating off-chain liquidity with on-chain markets strengthens the entire ecosystem,” said Tim Bevan, CEO of Cor Prime. “The result is a more efficient market, where capital can flow transparently to where it is best used. »
A foundation for a stable financing curve
The successful completion of this transaction establishes the basis for a true stablecoin funding market across public blockchains. As this structure evolves, issuers will be able to manage liquidity more efficiently, market makers will have access to stable funding aligned with institutional standards, and investors will be able to earn repo-style returns backed by digital assets.
This is the first step towards a standardized stablecoin funding curve, introducing repo funding – one of the most important liquidity mechanisms in global markets – into the digital asset ecosystem.
About the Solstice
Solstice Finance is a decentralized finance protocol developed by Solstice Labs AG, a Deus X Enterprise company, in partnership with the Solstice Foundation. Collectively, they are reinventing asset management for the on-chain era. Solstice Protocol leverages a licensed, licensed manager and fund to provide institutional-grade access to DeFi and TradFi investors. Key products include USX, a native Solana stablecoin alongside Solstice’s YieldVault, a democratized yield-generating protocol that allows participants to access institutional-grade delta-neutral returns.
Strengthening the group’s crypto credentials, Solstice Labs AG also operates Solstice Staking AG, one of the most trusted infrastructure providers in the industry, securing over $1 billion in assets across over 9,000 validator nodes.
Users can learn more and follow @solsticefi as well as @solsticestaking.
About membranes
Membrane is the leading global provider of custodian- and blockchain-agnostic credit infrastructure. Its patented technology supports end-to-end pre- and post-trade workflows, enabling institutions to discover, execute, settle and manage loan, repo and collateral lifecycles with confidence.
Users can learn more at https://membranelabs.com/.
About Cor Prime
Cor Prime is an institutional-grade digital asset lending platform designed to deploy financing using a bank-like risk architecture. The Company provides collateralized credit through legally separate, bankruptcy-proof structures, combining rigorous counterparty due diligence, ongoing collateral monitoring, and pre-defined margining and liquidation processes. Backed by first-loss capital and operating under regulatory oversight, Cor Prime enables institutional investors to access yield in digital asset markets with a strong focus on capital preservation and risk control.
Users can learn more at https://corprime.com/.
Contact
Ryleigh Ebron
ryleigh@serotonin.co
