First Institutional Stablecoin Repo Successfully Executed on Public Blockchains

Solstice Labs, Cor Prime, and Membrane Labs have announced the successful completion of the first institutional stablecoin-for-stablecoin repurchase agreement executed under traditional market documentation and settled on a public blockchain. The transaction establishes a standardized, institutional-grade stablecoin funding market, bringing familiar TradFi liquidity mechanisms directly onto public blockchain infrastructure.

Traditional Repo Documentation Meets Onchain Settlement

The repo was executed bilaterally under a Global Master Repurchase Agreement and a Digital Asset Annex, with both the asset and cash legs transferred directly between institutional wallets on Solana and Ethereum. Membrane’s post-trade credit infrastructure handled onchain settlement, servicing, and lifecycle management, enabling cross-chain asset movement with full legal ownership transfer and a repo-style unwind at maturity.

Native Stablecoins Used as Repo Collateral for the First Time

This transaction marks the first instance in which a native stablecoin served as the asset leg in an institutional repo. Solstice posted its stablecoin, USX, as collateral, while Cor Prime provided USDC as the cash leg. At maturity, the transaction will unwind at a price reflecting the agreed repo rate, closely mirroring the legal, operational, and economic mechanics of traditional repo markets rather than automated lending pools.

Addressing Longstanding Liquidity Challenges in Stablecoins

Stablecoins differ widely in liquidity, regulatory frameworks, and institutional acceptance. Until now, issuers and traders lacked access to funding tools commonly used in traditional markets to manage liquidity, protect pegs, or secure short-term financing without selling assets. This repo structure introduces a familiar and disciplined funding mechanism previously unavailable in onchain markets.

Enhanced Balance Sheet Management and Peg Resilience

By financing USX against USDC through a standardized repo, Solstice gains greater flexibility in balance sheet management and improved peg resilience. The structure also enables investors to earn structured returns using well-understood market mechanics, aligning stablecoin funding with established institutional practices.

Institutional-Grade Credit Infrastructure on Public Blockchains

Membrane provided the post-trade credit infrastructure necessary to margin, settle, and service the repo across multiple blockchains. Its platform allows institutions to operate under established legal frameworks while benefiting from the speed, transparency, and finality of public blockchain settlement.

Cross-Chain Liquidity Enabled by Institutional Counterparties

Cor Prime supplied the institutional liquidity required to execute the transaction, acting as the OTC counterparty and enabling the first cross-chain stablecoin repo settled on a public blockchain. The collaboration demonstrates how integrating off-chain liquidity with onchain infrastructure can improve market efficiency and capital allocation.

Laying the Groundwork for a Stablecoin Funding Curve

The successful execution of this repo establishes the foundation for a true funding market for stablecoins on public blockchains. As the structure matures, issuers will be able to manage liquidity more effectively, market participants will gain access to institutional-grade stablecoin financing, and investors will be able to earn repo-style returns backed by digital assets.

Repo-Style Financing Enters the Digital Asset Ecosystem

This transaction represents the first step toward a standardized stablecoin funding curve, introducing one of the most critical liquidity mechanisms in global finance into the digital asset ecosystem and signaling a major shift toward institutionalization of onchain credit markets.