J.P. Morgan has completed a landmark financial transaction by arranging one of the first U.S. commercial paper issuances on a public blockchain, selecting Solana as the execution layer.
The issuance was created for Galaxy Digital, with Coinbase and Franklin Templeton purchasing the tokenized debt. The bank handled USCP token creation, delivery-versus-payment settlement, and confirmed that issuance and redemption were completed in USDC.
J.P. Morgan stated that the deal demonstrates strong institutional appetite for blockchain-based financial instruments while maintaining existing regulatory and settlement frameworks.
Galaxy noted that this marks its first commercial paper offering and expands access to blockchain-powered money-market instruments for institutions.
The development follows a wave of Solana-focused institutional activity. Coinbase recently launched native Solana DEX trading, and RWA platform Plume deployed treasury and credit vaults on Solana.
The Solana Foundation emphasized that the transaction validates Solana’s speed, transparency, and ability to support large-scale financial operations. SOL currently trades near $133.85 with a 24-hour volume of $6.63 billion.
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