Which institutions issued debt on SOL?

TLDR

Galaxy Digital issued a $50 million U.S. commercial paper on Solana, arranged by J.P. Morgan, with Coinbase and Franklin Templeton as buyers per a Reuters report.

1. Issuance and redemption were settled in USDC, with the on?chain token created by J.P. Morgan per Cointelegraph.
2. Media described it as one of the earliest public?chain corporate debt deals in the U.S., per CoinDesk.
3. Solana was cited for speed and low costs, supporting institutional use per AMBCrypto.

Deep Dive

1. The Issuer and Arranger

Galaxy Digital issued tokenized U.S. commercial paper on Solana, with J.P. Morgan acting as the arranger and creator of the on?chain security. Reports place the deal size at $50 million, positioning it as a milestone for public?chain finance in the U.S. Cointelegraph, CoinDesk.

1. J.P. Morgan built the token representing the debt and managed settlement of the primary issuance Cointelegraph.
2. The $50 million figure was cited by mainstream media coverage of the deal Reuters via Yahoo Finance.

2. Buyers and Settlement

The securities were purchased by Coinbase and Franklin Templeton, with issuance and redemption settled in USDC. Stablecoin settlement reduces friction by keeping cash leg handling native to the chain. Cointelegraph, CoinDesk.

1. Both issuance and redemption flows are in USDC, which is widely used by institutions in tokenization pilots Cointelegraph.
2. Coinbases participation adds custody and wallet infrastructure credibility for the buy side CoinDesk.

3. Why Solana

Coverage highlighted Solanas speed and low transaction costs as drivers for institutional experiments in on?chain debt. The networks throughput and finality characteristics fit short?term instruments where swift settlement matters. Reuters via Yahoo Finance, AMBCrypto.

1. The deal was framed as one of the earliest public?chain corporate debt executions in the U.S., a step up from private chain pilots CoinDesk.
2. Public settlement may improve transparency while preserving institutional workflows via tokenization AMBCrypto.

Conclusion

The institution that issued debt on Solana was Galaxy Digital, with J.P. Morgan arranging and tokenizing the $50 million commercial paper, and Coinbase and Franklin Templeton on the buy side. The use of USDC and a high?throughput public chain signals a practical move toward tokenized debt markets where speed, cost, and settlement transparency are advantageous.