#摩根大通在solana链上发行代币化债券 $BTC $BNB $SOL 2025 December 11, 2023, JPMorgan arranged the issuance of a $50 million tokenized U.S. commercial paper for Galaxy Digital Holdings on the Solana blockchain, marking one of the first corporate debts to be issued and settled on a public blockchain in the U.S., which is of milestone significance in the industry. The details are as follows:
1. Core transaction information: JPMorgan acted as the transaction arranger, creating an on-chain USCP token corresponding to this short-term debt. Cryptocurrency exchange Coinbase and investment management firm Franklin Templeton are the subscribers for this tokenized commercial paper, and Coinbase also provided additional private key custody and wallet infrastructure services. The entire issuance and maturity payment process of the transaction was completed using the stablecoin USDC issued by Circle.
2. Reason for choosing Solana: The Solana blockchain boasts advantages of high transaction speed and low transaction costs, capable of processing thousands of transactions per second, meeting the demands of institutional-level financial operations. This is a key reason why JPMorgan shifted from conducting business solely on its private blockchain to choosing a public blockchain pilot, aiming to accumulate multi-chain operational experience.
3. Industry value of the transaction and future plans: This transaction validates the actual efficiency of issuing and settling traditional financial assets on a public chain, providing a regulatory precedent for traditional financial institutions to conduct business using public chains. JPMorgan's head of digital assets market revealed plans to further expand this business framework in the first half of 2026, increasing the investor and issuer base, while covering more security categories and promoting more bond issuances on public chains.
