Key Takeaways
- On December 23, 2025, Solstice Labs, Cor Prime, and Membrane Labs completed the first institutional stablecoin-for-stablecoin repo on a public blockchain.
- The transaction settled across the Solana and Ethereum blockchains under traditional legal frameworks, marking a milestone in digital asset financing.
- This repo establishes foundational infrastructure for a new standardized stablecoin funding market, revolutionizing liquidity management on public blockchains.
On December 23, 2025, Solstice Labs, in collaboration with Cor Prime and Membrane Labs, executed a revolutionary institutional stablecoin-for-stablecoin repurchase agreement (repo) settled entirely on public blockchains. This landmark deal leveraged established financial legal structures across the Solana and Ethereum networks, marrying traditional finance rigor with blockchain transparency and speed.
A Revolution in Stablecoin Financing
The repo replicated familiar institutional repo market mechanics by completing the transaction under a Global Master Repurchase Agreement (GMRA) alongside a Digital Asset Annex. Uniquely, the asset leg featured Solstice’s native USX stablecoin posted as collateral, while Cor Prime supplied USDC as the cash leg. Both legs were transferred directly between institutional wallets on separate blockchains, enabled by Membrane Labs’ post-trade credit infrastructure, which managed onchain settlement, margining, and lifecycle operations.
This transaction departs from decentralized lending pools by delivering a digitally native, legally standardized repo agreement on public blockchains. It allows stablecoin issuers and institutional investors to secure short-term funding or defend stablecoin pegs without liquidating holdings. Solstice’s Chief Operating Officer, David Plisek, underscored the repo’s importance in disciplined liquidity management, generating steady, low-risk yields while preserving protocol stability.
Institutional-Grade Infrastructure Bridging TradFi and Onchain Markets
Membrane Labs provided the critical post-trade credit system needed to execute, service, and settle the repo across multiple blockchains. CEO Carson Cook described this achievement as a foundational step toward an institutional digital asset repo market, enabling stablecoin collateral to move legally and operationally efficiently on public blockchains.
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Cor Prime supplied essential liquidity as the over-the-counter (OTC) counterparty, executing the first cross-chain stablecoin repo on a public network. Tim Bevan, Cor Prime’s CEO, noted the partnership’s success in integrating off-chain liquidity with onchain markets, enhancing capital allocation and market efficiency.
Revolutionizing the Stablecoin Funding Curve
This repo’s success marks the inception of a standardized and institutional-grade funding market for stablecoins on public blockchain rails. The transaction’s framework empowers issuers to better manage liquidity, enables investors to earn repo-style returns aligned with traditional market practices, and equips market makers with structured financing tools. Combining Solstice’s USX, Cor Prime’s USDC, and Membrane’s infrastructure, this development lays the groundwork for a transformative funding curve in digital assets.
Solstice Finance, developed by Solstice Labs AG and backed by the Solstice Foundation, offers institutional DeFi products such as its USX stablecoin and YieldVault. Membrane Labs delivers blockchain-agnostic credit infrastructure for loan and repo settlement, while Cor Prime specializes in institutional digital asset credit supported by rigorous risk management frameworks.
This revolutionary repo finalized under traditional documentation yet settled on transparent public blockchains signals a new era in stablecoin liquidity management and digital asset funding markets.
