J.P. Morgan taps Solana for Galaxy’s tokenized corporate bond issuance
The tokenized commercial bond is one of the earliest transactions of its kind in the budding sector of onchain debt and credit instruments.
Financial services company J.P. Morgan announced on Thursday that it arranged a $50 million onchain US commercial paper issuance for Galaxy Digital Holdings on the Solana blockchain, one of the earliest debt deals executed on a public network in the United States.
The offering, a tokenized short-term corporate bond, was tokenized by J.P. Morgan. According to the company, it created the corresponding blockchain token for the bond and handled the settlement of the primary issuance.
The tokenized securities were sold to asset manager Franklin Templeton and crypto exchange Coinbase, while issuance and redemption will be paid in Circle’s USDC (USDC) dollar-pegged stablecoin, according to the press release.
