JPMorgan Tokenizes $50M Galaxy Debt on Solana
JPMorgan’s Onyx platform issuing $50M of tokenized commercial paper for Galaxy Digital—fully settled on Solana in USDC, with Franklin Templeton and Coinbase as buyers—marks the first U.S. regulated financial institution debt issuance on a public blockchain. This is not a permissioned fork; it is native Solana using Wormhole for oracle pricing and Circle’s CCTP for USDC bridging.
The choice of Solana is telling: sub-second finality and ~$0.0001 transaction costs allowed same-day issuance and intraday secondary trading, something impossible on Ethereum L1 even post-Fusaka and impractical on most L2s for institutional sizes. More importantly, the deal required zero pre-funding of collateral wallets for days—capital efficiency that traditional repo markets still can’t match.
This single transaction validates two narratives simultaneously: (a) Solana is now institution-grade for capital markets, and (b) tokenized private credit is ready for prime time. Galaxy’s paper offered 5.75% yield with T+0 settlement and atomic delivery-versus-payment, features that traditional MMF buyers have never had.
Expect a pipeline of similar deals; Onyx already processes >$1B daily internally, and public-chain deployment dramatically lowers the barrier for non-bank participants.SOL’s technical outperformance this cycle ( Firedancer, ZK compression, state expiry) is finally meeting real institutional demand. With BlackRock’s BUIDL fund already eyeing Solana deployment and now JPM following, the RWA rotation out of Ethereum-centric tokens into high-throughput venues has concrete fundamental backing.
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