J.P. Morgan taps Solana for Galaxy’s tokenized corporate bond issuance

J.P. Morgan successfully arranged a $50 million onchain US commercial paper issuance for Galaxy Digital Holdings using the Solana blockchain, marking one of the earliest debt deals of its kind on a public network in the U.S. J.P. Morgan tokenized the short-term corporate bond and managed the primary issuance settlement. The resulting tokenized securities were purchased by Franklin Templeton and Coinbase, with transactions settled using Circle's USDC stablecoin. Galaxy Digital views this as a practical application of open, programmable infrastructure supporting institutional finance. The tokenization of commercial bonds is expected to reduce costs and settlement times by eliminating intermediaries, with forecasts suggesting the sector could reach a $300 billion market capitalization by 2030. This development aligns with broader trends, such as Hong Kong's plan to tokenize assets by 2030 and China's recent issuance of tokenized yuan bonds.

(Source：Cointelegraph)