First institutional stablecoin-for-stablecoin repo on a public blockchain settled and serviced on Membrane. The transaction marks the creation of a standardized, institutional-grade stablecoin funding market that brings familiar TradFi liquidity tools directly onto public blockchain rails. This structure represents the first time a native stablecoin has served as the asset leg in an institutional repo. Solstice posted its native stablecoin, USX, as the asset leg, while Cor Prime provided USDC as the cash leg.

"By enabling USX to be financed against USDC through a standardized repo, Solstice gains new flexibility in balance sheet management and peg resilience. The structure also opens new avenues for investors to earn structured returns using market mechanics they already understand. “This repo shows that stablecoins can use the same balance sheet tools as traditional market participants,” said David Plisek, COO of Solstice. “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.”"

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More coverage

• SOCIETE GENERALE-FORGE TO LAUNCH A USD ... (sgforge.com)
• Stablecoin issuance - Anchorage Digital (anchorage.com)
• [PDF] BIS Working Papers No 1270: Stablecoins and Safe Asset Prices (bis.org)
• What are stablecoins, and how are they regulated? | Brookings (brookings.edu)
• [PDF] Stablecoin Toolkit (papers.ssrn.com)

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• USDC
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• TradFi