Which bank settled debt using USDC?

TLDR

J.P. Morgan settled a $50 million on?chain commercial paper issuance in USDC, arranging Galaxy Digitals debt deal on Solana with proceeds paid in USDC stablecoin. See the confirmation in a market report.

1. Coinbase and Franklin Templeton bought the tokenized commercial paper, with settlement in USDC per the announcement coverage.
2. Both issuance and redemption proceeds were paid in USDC, confirmed in a press summary.
3. It is one of the earliest U.S. debt deals executed on a public chain, noted by industry media.

Deep Dive

1. Who and What

J.P. Morgan arranged Galaxy Digitals short?term debt issuance on Solana and settled the transaction in USDC. Coinbase and Franklin Templeton participated as buyers, with USDC used for payment flows per the report above.

This was a $50 million U.S. commercial paper issuance where both issuance and redemption proceeds were paid in USDC, as summarized in a financial news brief.

2. Why USDC on Solana

USDC is a dollar?pegged stablecoin widely used by institutions for predictable settlement. Solana was chosen for speed and cost efficiency, which suits high?throughput financial workflows, according to coverage and a parallel summary.

Using USDC avoids volatility exposure, while Solanas performance helps minimize latency and fees in delivery?versus?payment flows, as noted in the article above.

3. Why It Matters

It is one of the earliest U.S. debt deals executed on a public blockchain, showing tokenization moving from experiments to production with large financial brands involved, per industry media.

The design signals a blueprint for future tokenized bonds or commercial paper with stablecoin settlement rails that institutions already understand, as reflected in the coverage above.

Conclusion

The bank was J.P. Morgan, and the deal settled in USDC. This marks a notable milestone for institutional tokenization as traditional debt issuance meets stablecoin settlement on a public chain, creating a template that others can follow.