Which bank arranged debt on SOL?

TLDR

J.P. Morgan arranged a U.S. commercial paper (short?term debt) issuance on Solana (SOL) for Galaxy Digital, confirmed in multiple reports (J.P. Morgan arranged).

1. The deal size was about $50 million, per a Reuters/Yahoo Finance report (about $50 million).
2. Investors included Coinbase and Franklin Templeton, with settlement in USDC (Coinbase and Franklin Templeton, USDC).
3. Solanas account amplified the milestone during Breakpoint 2025 (Solana post).

Deep Dive

1. Arranger and Instrument

The bank was J.P. Morgan, and the instrument was U.S. commercial paper, a short?term corporate debt tool. The issuance was executed on the Solana blockchain and described as a landmark move for on?chain capital markets (J.P. Morgan; CoinDesk coverage).

This aligns with J.P. Morgans broader push into tokenization and on?chain settlement, which it framed as a step toward the future of finance in a complex regulatory environment (statement highlights).

2. Settlement and Investors

Both issuance and redemption proceeds were paid in USDC, Circles dollar?pegged stablecoin. The short?term debt was purchased by Coinbase and Franklin Templeton, marking crossover participation from both a large crypto exchange and a major asset manager (USDC settlement and buyers).

Solanas official channels highlighted the event as part of a broader institutional narrative showcased during Breakpoint 2025 (Solana post).

3. Why It Matters

This deal is one of the first U.S. commercial paper issuances fully executed on a public blockchain, signaling growing confidence in open networks for real?world assets and money?market infrastructure (Defiant summary).

Conclusion

Answer: J.P. Morgan arranged the on?chain debt issuance on Solana. The transactions USDC settlement and participation by Coinbase and Franklin Templeton highlight credible institutional engagement, and it adds momentum to the tokenized real?world asset trend on public blockchains.