J.P. Morgan Pioneers US Commercial Paper Issuance on Solana via Coinbase Platform

J.P. Morgan arranged a US commercial paper issuance for Galaxy on Solana today, marking one of the first debt securities issued on a public blockchain in the US.

The transaction utilized tokenization, $USDC payment rails, and custody services powered by Coinbase’s Crypto-as-a-Service platform.

The move represents Wall Street’s application of blockchain technology in capital markets infrastructure. The arrangement could enable faster, cheaper, and more transparent debt issuance processes compared to traditional methods.