Solstice and Cor Prime Run First Institutional Stablecoin-for-Stablecoin Repo on a Public Blockchain

[PRESS RELEASE – Zug, Switzerland, December 23rd, 2025]

The transaction was settled and settled through Membrane’s post-trade credit infrastructure and executed under a GMRA and Digital Asset Annex, creating the first standardized stablecoin financing market on public blockchains.

Solstice Labs, Cor PrimeAnd Membrane laboratories today announced the successful completion of the first institutional stablecoin-for-stablecoin repurchase agreement (Repo), executed under traditional market documentation and settled on a public blockchain. The transaction marks the creation of a standardized, institutional market for stablecoin financing that brings well-known TradFi liquidity instruments directly onto public blockchain rails.

The repo was conducted bilaterally under a Global Master Repurchase Agreement (GMRA) and Digital Asset Annex, with assets and cash transferred directly between institutional wallets on Solana and Ethereum. Membrane’s institutional post-trade credit infrastructure provided on-chain settlement, servicing and lifecycle management, allowing assets to be moved across the chain with full ownership transfer and repo-style settlement.

This structure represents the first time a native stablecoin has served as an asset leg in an institutional repo. Solstice placed its own stablecoin, USX, as the asset leg, while Cor Prime provided USDC as the cash leg. The two legs will settle at maturity at a price that reflects the agreed repo rate. Unlike smart contract lending pools, this transaction mirrors the legal, operational and economic mechanisms of traditional repo markets.

A new financing primitive for stablecoins

Stablecoins vary widely in terms of liquidity, regulatory treatment and institutional adoption. Until now, issuers and traders have lacked the financing tools used in traditional markets to gain liquidity, defend links or access short-term financing without selling inventory. Overcollateralized lending and automated credit pools have been the only models available, neither of which resemble institutional repo structures.

By enabling USX to be funded with USDC through a standardized repo, Solstice gains new flexibility in balance sheet management and link resilience. The structure also opens up new opportunities for investors to earn structured returns using market mechanisms they already understand.

“This repo shows that stablecoins can use the same balance sheet tools as traditional market participants,” the report said David Plisek, COO of Solstice. “For Solstice and USX, it strengthens the resilience of the links through disciplined liquidity management and ensures that excess capital can enhance the structured, low-risk return for the protocol without compromising stability.”

New institutional infrastructure for onchain credit markets

Membrane provided the post-trade credit infrastructure needed to execute, margin, settle and service the repo across chains. The platform enables institutions to transact using trusted legal documentation while benefiting from the speed and finality of public blockchain settlement.

“This is the first step towards a true institutional repo market for digital assets. Stablecoin collateral can now be moved 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 make this market function on a global scale.”

Cor Prime provided the institutional liquidity needed to make the repo functional, acted as an OTC counterparty, and enabled the first cross-chain repo settlement between stablecoins on a public network.

“Working 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 move seamlessly to where it can best be used.”

A basis for a stablecoin funding curve

The successful completion of this transaction lays the foundation for a true financing market for stablecoins via public blockchains. As this structure evolves, issuers will be able to manage liquidity more effectively, market makers will have access to stablecoin financing in line with institutional standards, and investors will be able to earn repo-like returns backed by digital assets.

This is the first step towards a standardized stablecoin funding curve, bringing repo-style funding – one of the most important liquidity mechanisms in global markets – into the digital asset ecosystem.

About solstice

Solstice Finance is a decentralized finance protocol developed by Solstice Labs AG, a Deus X Enterprise company, in collaboration with the Solstice Foundation. Together they are reimagining asset management for the onchain era. Solstice’s Protocol uses a licensed, approved manager and fund to provide institutional access to DeFi and TradFi investors. Key products include USX, a Solana-originated stablecoin, in addition to Solstice’s YieldVault, a democratized yield-bearing protocol that gives participants access to institutional-quality delta-neutral returns.

To strengthen 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 more than 9,000 validator nodes.

Users can find more information at https://solstice.finance and follow @solsticefi as well as @solnewende.

About membrane

Membrane is the leading global provider of custodian and blockchain agnostic credit infrastructure. The proprietary technology supports end-to-end pre- and post-trade workflows, allowing institutions to discover, execute, settle and manage loan, repo and collateral lifecycles with confidence.

Users can find more information at https://membranelabs.com/.

About Cor Prime

Cor Prime is an institutional-grade digital asset lending platform designed to deploy financing using a bank-style risk architecture. The company provides collateralized lending through legally segregated, non-failure 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 supervision, Cor Prime provides institutional investors with access to returns in the digital asset markets, with a strong focus on capital preservation and risk management.

Users can find more information at https://corprime.com/.