Which bank tokenized debt on SOL?

TLDR

J.P. Morgan tokenized a short?term corporate bond (U.S. commercial paper) on Solana (SOL) for Galaxy Digital.

1. Size: $50 million tokenized commercial paper arranged by J.P. Morgan per a CoinDesk report.
2. Investors: Coinbase and Franklin Templeton bought the notes, confirmed by a CoinTelegraph report.
3. Settlement: Issuance and redemption in USDC on Solana per the Defiant coverage.

Deep Dive

1. The Bank and the Deal

J.P. Morgan acted as arranger and tokenized Galaxy Digitals U.S. commercial paper directly on the Solana public blockchain.

• The transaction is described as one of the first of its kind in the U.S. on a public network in a CoinDesk report.
• The size was cited at $50 million, with the issuance structured as a short?term corporate bond per CoinTelegraph.

2. Buyers and Settlement

The tokenized notes were purchased by Coinbase and Franklin Templeton, with stablecoin settlement.

1. Investors: Coinbase and Franklin Templeton participated as buyers, per CoinTelegraph.
2. Payments: Both issuance and redemption were conducted in USDC, a dollar?pegged stablecoin, confirmed by the Defiant coverage.

3. Why It Matters for Solana

It is one of the earliest public?chain debt deals in the U.S., and Solana was chosen for throughput and cost.

• Media noted this as a landmark step for public?chain finance, advancing the tokenized real?world asset (RWA) narrative per CoinDesk.
• The case demonstrates programmable issuance and settlement on Solana, with institutional?grade flows highlighted in CoinTelegraph.

Conclusion

J.P. Morgans tokenized $50 million commercial paper for Galaxy Digital on Solana, purchased by Coinbase and Franklin Templeton and settled in USDC, marks a pivotal moment where public?chain infrastructure is used for real debt issuance. The move strengthens the case for on?chain capital markets and positions Solana as a viable venue for institutional?grade tokenized finance.