Which bank arranged USCP on SOL?

TLDR

J.P. Morgan arranged the United States commercial paper (USCP) issuance executed on Solana.

1. The deal was arranged by J.P. Morgan for Galaxy Digital on Solana, per a detailed report. The Defiant
2. Investors included Coinbase and Franklin Templeton, with settlement in USDC stablecoins. The Defiant
3. Coverage cites an issuance size of about $50 million, highlighting an early public?chain USCP deal. Cointelegraph

Deep Dive

1. The Arranger

J.P. Morgan acted as the arranger for a tokenized USCP issuance carried out on the Solana network for Galaxy Digital.

• The arranger created the on?chain USCP token and coordinated settlement mechanics, according to coverage of the transaction. The Defiant

2. Settlement And Buyers

The issuance and redemption flows were settled in USDC, and the paper was purchased by Coinbase and Franklin Templeton.

1. Reports specify USDC for both primary issuance and redemption flows. The Defiant
2. Coinbase and Franklin Templeton participated as investors, underscoring institutional demand for tokenized money?market instruments. The Defiant

3. Size And Significance

Coverage pegs the issuance at about $50 million, described as one of the earliest USCP deals on a public blockchain.

1. The reported size and firsts framing highlight an incremental step from pilots to real transactions. Cointelegraph
2. Other outlets echo that it is among the first fully executed public?chain USCP issuances with on?chain settlement. AMBCrypto

Conclusion

J.P. Morgan arranged the on?chain USCP issuance on Solana, with Coinbase and Franklin Templeton as investors and USDC for settlement. This is an early but concrete step toward public?chain money?market instruments, suggesting gradual institutional comfort with tokenized debt and on?chain settlement.