Which bank issued onchain bonds?

TLDR

Two banks made headlines for onchain bond issuance this week: J.P. Morgan and Doha Bank.

1. J.P. Morgan arranged a $50 million onchain commercial paper for Galaxy on Solana, settled in USDC, per a CoinDesk report.
2. Doha Bank issued a $150 million digital bond on Euroclears DLT platform with T+0 settlement, as covered by CoinDesk.

Deep Dive

1. J.P. Morgan on Solana

J.P. Morgan created the onchain token, arranged the deal, and settled cash flows in USDC for Galaxys commercial paper on Solana.

1. Investors included Coinbase and Franklin Templeton; issuance and redemption occur in USDC, illustrating stablecoin rails for traditional debt settlement per CoinDesk.
2. The bank is extending its tokenization push beyond private networks to a public chain (Solana), signaling broader institutional comfort with public blockchain infrastructure per CoinDesk.

2. Doha Bank via Euroclear DLT

Doha Bank completed a live $150 million digital bond with same-day settlement on Euroclears permissioned DLT, listed on the London Stock Exchanges International Securities Market.

1. Standard Chartered acted as sole global coordinator and arranger; the structure preserves regulated-market safeguards while adding instant settlement per CoinDesk.
2. The deal reflects a regional shift (Middle East and Asia) toward permissioned DLT that integrates with existing custody and post-trade systems, enabling operational efficiency without sacrificing legal finality per CoinDesk.

Conclusion

Onchain debt issuance is moving from pilots to production. Public-chain issuance (J.P. Morgan on Solana) and permissioned DLT issuance (Doha Bank on Euroclear) show parallel paths to faster settlement and programmable assets. For investors, the takeaway is growing optionality in rails and venues, with trade-offs between openness and regulatory integration.