JP Morgan Brings Commercial Paper to Solana in Historic First

JP Morgan successfully arranged a historic US Commercial Paper debt issuance for Galaxy Digital Holdings LP on the public Solana network, with Coinbase and Franklin Templeton as purchasers. This transaction is notable because it was entirely settled using Circle's USDC stablecoin, marking a first for the commercial paper market. By utilizing Solana's public infrastructure instead of its private Onyx network, JP Morgan validated Solana's capacity for institutional finance. Galaxy Digital's Jason Urban stated this shows how public blockchains can improve capital markets, while Franklin Templeton's Sandy Kaul noted institutions are now actively transacting on them. JP Morgan acted as Arranger, creating the on-chain token and facilitating simultaneous delivery-versus-payment (DVP) settlement to eliminate counterparty risk. Coinbase provided custody and infrastructure support. Solana was chosen for its speed, scalability, and low costs, making it suitable for high-frequency financial applications. Despite the significance of this institutional adoption milestone, the native token SOL showed a muted price reaction.

(Source：BeInCrypto)