TLDR
Today, the notable banks minting assets on Solana are J.P. Morgan (tokenized commercial paper) and Singapore Gulf Bank (stablecoin minting for corporates) (J.P. Morgan deal on Solana, Singapore Gulf Bank stablecoin minting).
- J.P. Morgan arranged and minted a tokenized commercial paper issuance on Solana, settled in USDC (report).
- Singapore Gulf Bank launched zero?fee mint and redemption of USDC and USDT on Solana for verified corporates (announcement coverage).
- In the pipeline, State Street and partners plan a tokenized liquidity sweep fund on Solana in early 2026 (details).
Deep Dive
1. J.P. Morgan On-Chain Debt
J.P. Morgan minted and arranged a tokenized US commercial paper issuance on Solana, with settlement and redemption in USDC, and buyers including Coinbase and Franklin Templeton. This places a large, regulated bank directly on a public chain for issuance and delivery-versus-payment settlement (coverage).
A tier?one bank using a public chain and a crypto-native stablecoin suggests public networks like Solana are crossing from pilots to real capital markets uses.
Risk note: Some analysts stress many tokenization headlines remain limited in scope; watch for repeat deals and scale beyond single transactions (analysis).
2. Singapore Gulf Bank Stablecoin Minting
Singapore Gulf Bank (regulated by Bahrains central bank) launched zero?fee minting/redemption of USDC and USDT on Solana for corporate clients, citing speed and cost benefits, and using institutional custody tooling for controls (announcement coverage).
A regulated bank offering direct stablecoin minting on Solana lowers friction for corporates moving between bank fiat and on?chain dollars.
3. Pipeline: State Streets Solana Fund
State Street Investment Management and Galaxy, partnering with Ondo Finance, plan to launch an onchain liquidity sweep fund on Solana, with State Street Bank and Trust as custodian and an initial $200 million seed expected from Ondo, targeting early 2026 go?live (details).
While not minting now, this signals further bank?aligned flows to Solanas tokenized cash stack; follow through at launch will be the key validation.
Conclusion
Banks active on Solana today include J.P. Morgan minting tokenized commercial paper and Singapore Gulf Bank minting stablecoins, with State Streets Solana fund next in line. The throughline is faster settlement and lower costs on a public chain. The signal to watch is repeat issuance, growing sizes, and additional banks joining, which would indicate true scale rather than isolated pilots.
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