Which bank issued debt on SOL?

TLDR

J.P. Morgan is the bank. It arranged a roughly $50 million tokenized commercial paper issuance on Solana (SOL), one of the first debt deals executed on a public blockchain in the U.S. (report)

1. Issuer: Galaxy Digital; buyers: Coinbase and Franklin Templeton; cash flows settled in USDC (coverage).
2. J.P. Morgan created the on?chain USCP token and handled delivery?versus?payment settlement (summary).

Deep Dive

1. Deal Structure

J.P. Morgan acted as arranger for Galaxy Digitals short?term debt, with Coinbase and Franklin Templeton purchasing the tokenized commercial paper and all issuance/redemption settled in USDC.

1. The transaction is described as one of the earliest U.S. commercial paper issuances fully executed on a public chain, with Galaxy as issuer and USDC settlement rails (article).
2. J.P. Morgan created the on?chain commercial paper token and ran delivery?versus?payment settlement flows, a key institutional workflow brought on?chain (details).

2. Why Solana

The choice of Solana reflects performance and cost considerations for real?time capital markets use cases.

1. Coverage cites Solanas throughput and low fees as reasons for selection, aligning with public?chain settlement needs for high?volume issuance and servicing (explainer).
2. Context: analysts note the legal asset remains conventional commercial paper; transferability and broader distribution are still evolving on public networks (analysis).

Conclusion

Answer: J.P. Morgan arranged Galaxy Digitals tokenized commercial paper on Solana, with investors paying in USDC. The significance is practicalcore debt workflows can run on public chainsyet broader scaling will depend on market plumbing and rules.