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JPMorgan Issues Commercial Paper on Solana Blockchain in Landmark Tokenization Deal

JPMorgan Issues Commercial Paper on Solana Blockchain in Landmark Tokenization Deal

JPMorgan Chase’s blockchain-based commercial paper issuance to Galaxy Digital involved Coinbase and Franklin Templeton purchasing debt tokens, showing institutional use of Solana and USDC for settlement.

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Summary

JPMorgan Chase issued $50 million in commercial paper to Galaxy Digital Holdings LP on the Solana blockchain in its first USCP deal. Coinbase and Franklin Templeton purchased Galaxy Digital’s USCP debt token using Circle’s USDC, with settlement and redemption also in USDC. This marks Galaxy Digital’s first USCP issuance and one of the earliest public blockchain transactions for U.S. commercial paper, reinforcing the trend of asset tokenization in debt markets.

Terms & Concepts
  • Solana blockchain: A high-performance blockchain platform designed for fast, low-cost transactions and decentralized applications.
  • USDC (USD Coin): A stablecoin pegged to the U.S. dollar, issued by Circle, used for digital payments and settlements.
  • Tokenization of real-world assets (RWA): The process of creating digital tokens on a blockchain that represent ownership of physical or traditional financial assets.