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Solstice, Cor Prime and Membrane Close First Institutional Stablecoin Repo on Public Blockchains

On December 23rd, 2025 in Zug, Switzerland, Solstice Labs, Cor Prime and Membrane Labs announced the completion of what they describe as the first institutional stablecoin-for-stablecoin repo executed under GMRA documentation and settled on a public blockchain. The bilateral trade used Solstice's USX as collateral against USDC cash, moved across Solana and Ethereum via Membrane's post-trade credit infrastructure, and is intended to create a standardized funding market for stablecoins.