Solstice and Cor Prime, and Membrane Labs executed the first institutional, stablecoin-for-stablecoin repurchase agreement on a public blockchain.

The bilateral repo involved Solstice posting its native stablecoin, USX, as the asset leg, while Cor Prime provided USDC as the cash leg. Assets and cash were transferred directly between institutional wallets on the Solana and Ethereum blockchains. Membrane's platform handled the on-chain settlement, servicing, and lifecycle management, ensuring cross-chain asset movement with full ownership transfer and a repo-style unwind mechanism.

This innovative structure mirrors the mechanics of traditional repo markets but operates natively on public blockchains. Unlike existing smart-contract lending pools or overcollateralized loans, it introduces familiar TradFi liquidity tools to the crypto space, allowing stablecoin issuers to manage liquidity, defend pegs, and access short-term financing without liquidating inventory.

David Plisek, COO of Solstice, highlighted the significance:

"This repo shows that stablecoins can use the same balance sheet tools as traditional market participants. For Solstice and USX, it reinforces peg resilience through disciplined liquidity management and enables surplus capital to enhance structured, low-risk yield for the protocol without compromising stability."

The deal also opens opportunities for investors to earn returns through market mechanics they're already accustomed to, potentially fostering broader adoption of decentralized finance (DeFi) among institutional players.

Learn more at https://solstice.finance