This indicates that traditional large banks are no longer just experimenting with asset tokenization on their private chains—they are starting to issue, distribute, and settle tradable short-term corporate bonds on public chains. Buyers include both centralized exchanges and asset management giants, which means: infrastructure and trust barriers are being rapidly restructured, and in the future, RWA will be used by mainstream institutions as capital operation tools.
😎😎How is it done? Why choose Solana?
1) JPM, as Arranger, created an on-chain USCP (commercial paper) token, with issuance and settlement completed on-chain, and settlement funds using Circle's USDC—this is a combination of 'on-chain assets + stablecoin settlement'. The logic for choosing Solana: high throughput, low transaction fees, mature infrastructure and support (friendly to instant DVP and batch settlement), more aligned with the high frequency and low latency settlement needs of short-term notes.
2) Market and participant signals (why it matters)
The buying consortium (Coinbase, Franklin Templeton) consists of whale-level institutions, indicating two points: first, crypto-native trading platforms are willing to engage in market-making/custody and institutional-level placement; second, traditional asset management is beginning to view on-chain short-term cash equivalents as financing or allocation tools.
3) Compliance and clearing: Key points and reusability
The key operation is the realization of Delivery Versus Payment (DVP)—ensuring the synchronized exchange of assets and USDC on-chain, reducing counterparty risk in settlement; however, it still legally relies on traditional issuance contracts, trust mechanisms, and KYC/AML processes. JPM has prior experience on private chains, and this time it is moving regulated processes to public chains.
Three possible scenarios: 1. More banks will use a mix of private and public chains, with RWA on-chain becoming part of institutional toolboxes.
2. Regulatory tightening: Some jurisdictions restrict tokenized debt on public chains, allowing issuance only through regulated bridges.
3. Pullback: If confidence in stablecoins falters or a significant security incident occurs on the public chain, on-chain debt experiments may be paused, with a large amount flowing back to traditional markets.
Final:
When mainstream banks put tradable debt on public chains, it signifies a new infrastructure path—chain + stablecoins + regulatory integration may become the standard for future capital markets. In the short term, it brings experiments, opportunities, and regulatory friction; in the long term, it has the potential to enhance clearing and settlement efficiency, reshaping the programmability and liquidity of assets.#加密市场反弹 #加密市场动态
