Wall Street goes on-chain: JPMorgan executes landmark debt issuance on Solana

ambcryptoPublished on 2025-12-11Last updated on 2025-12-11

Abstract

J.P. Morgan has executed a landmark $50 million commercial paper issuance for Galaxy Digital on the Solana blockchain, with Coinbase and Franklin Templeton as buyers. This represents one of the first U.S. debt issuances on a public blockchain, signaling growing institutional adoption of open networks. The transaction was settled entirely in USDC, highlighting Solana’s capability to support high-throughput, low-cost institutional settlements. The move underscores a shift toward tokenized real-world assets and positions Solana as a leading infrastructure for next-generation capital markets.

J.P. Morgan has completed one of the first-ever U.S. commercial paper issuances on a public blockchain — and it chose the Solana network to do it.

The bank arranged a U.S. Commercial Paper [USCP] issuance for Galaxy Digital Holdings LP, with Coinbase and Franklin Templeton purchasing the tokenized security.

The move marks one of the earliest debt issuances executed on a public blockchain and a major milestone in the institutional adoption of open networks.

The official publication didn’t mention the value of the issuance, but Reuters reported that it’s worth $50 million.

“This trade demonstrates institutional appetite for digital assets and our capability to securely bring new instruments on-chain using Solana,”

said Scott Lucas, Head of Markets Digital Assets at J.P. Morgan.

Why Solana? Data shows a network ready for institutions

Solana has spent most of 2025 building a compelling case for enterprise-level finance. According to DeFiLlama data, Solana’s TVL and transaction activity have climbed steadily throughout the year, even as volatility hit broader crypto markets.

The chart shows:

  • TVL rising from ~$6B at the start of 2025 toward ~$10–12B mid-year
  • Transaction counts remaining consistently high
  • A clear upward shift into Q4, coinciding with growing institutional experimentation

For a bank like JPMorgan, which requires throughput, cost efficiency, and deterministic settlement, Solana offers the lowest-latency public infrastructure currently available.

This issuance confirms that the chain is now being utilized for real-world financial instruments, not just crypto-native activities.

USDC settlement, tokenized debt, and a new playbook for money markets

J.P. Morgan not only created the USCP token but also facilitated on-chain delivery-versus-payment settlement.

Crucially, both issuance and redemption are settled directly in USDC, which is issued by Circle.

The bank emphasized the significance of this design:

“Both the issuance and redemption proceeds will be paid in USDC stablecoins issued by Circle, representing another market first for the USCP market.”

For Galaxy, this marks its first-ever commercial paper issuance — now executed entirely on a public blockchain.

Galaxy’s Jason Urban said:

“This issuance is a clear example of how public blockchains can improve the way capital markets operate.”

He added:

“We’re putting into practice the model we’ve long believed in: open, programmable infrastructure that supports institutional-grade financial products.”

Franklin Templeton echoed the same shift:

“We’ve entered a new era where institutions are no longer just experimenting with blockchain — we’re transacting on it in a big way.”

A watershed moment for public blockchains

JPMorgan’s decision to use Solana — instead of a permissioned or private chain — signals a turning point in institutional confidence.

With stablecoin settlement, tokenized money-market instruments, and support from global asset managers, the deal positions Solana as a foundation layer for next-generation capital markets.

Final Thoughts

  • JPMorgan’s $50M pilot on Solana signals that public blockchains are entering mainstream capital-markets infrastructure, not just crypto-native use cases.
  • If more issuers adopt tokenized debt, Solana could become a preferred platform for high-throughput institutional settlement, accelerating the RWA narrative heading into 2026.

Trending Cryptos

ctr
CitreaCTR
wstusdt
wrapped stUSDTWSTUSDT
apr
CapricornAPR
ctx
Cryptex FinanceCTX
audio
AudiusAUDIO
comp
CompoundCOMP
mantra
MantraMANTRA
waxl
AxelarWAXL
bill
Billions NetworkBILL
pyth
PYTH (Pyth)PYTH
rune
THORChainRUNE
brev
BrevisBREV
cake
PancakeSwapCAKE
dos
DAPPOSDOS
jst
JUSTJST

Related Reads

Two Funding Rounds in Three Months: The Chinese Version of Palantir is on Fire

Investment Community AI has learned that Beijing Zhongshu Ruizhi Technology Co., Ltd., a domestic industrial-grade causal intelligence and high-reliability decision-making AI company, has recently completed a strategic financing round worth hundreds of millions of RMB. This round saw participation from China Internet Investment Fund, Suzhou Chuangtou National Social Security Fund, Financial Street Capital, ICBC Capital, Kunlun Capital, among others, with existing shareholders also increasing their investment. This follows a Series B funding round in the hundreds of millions completed just three months prior. The rapid succession of two major funding rounds signifies strong market recognition of the company's underlying original technology and scaled commercial implementation. Often referred to as the "Chinese version of Palantir," Zhongshu Ruizhi is entering a new phase of accelerated technological iteration, widespread scenario replication, and scaled performance release, mirroring the explosive growth of China's AI market. Founded in April 2020 by Dr. Han Han, a Tsinghua University Ph.D. and former core drafter of national AI policies, the company is mission-driven to "move AI from the digital world to the physical world." It focuses on the high-reliability, strong-decision industrial AI track and enterprise-grade AI Agent full-stack infrastructure. The team tackles the challenge of applying AI to China's vast and complex industrial and energy systems by developing a new intelligent operating system from scratch. Its core technological breakthrough lies in three proprietary底层 technologies: meta-causal cognitive theory, causal models, and a dynamic ontology engine. These address critical pain points of generative large models in industrial settings—such as AI hallucinations, insufficient reasoning, lack of temporal logic, unverifiable decisions, and multi-source rule conflicts—thereby providing trustworthy, explainable, and executable智能决策 capabilities. Commercially, Zhongshu Ruizhi has achieved scaled deployment, serving over 50 central state-owned enterprises and industrial groups in sectors like power, petroleum, and aerospace, with implementations in more than 800 highly complex production scenarios. The company reported doubled revenue in 2025, demonstrating strong self-sufficiency and a viable business model—a rarity among new-generation AI firms. The latest funds will be allocated towards advancing foundational theoretical research, replicating successful application models to expand market presence (including overseas), and attracting top-tier talent. Lead investor China Internet Investment Fund highlighted that in the current shift from general AI capability contests to deep industrial empowerment, industrial-grade causal intelligence is crucial for building China's modern digital foundation and fostering new quality productive forces. They expressed support for the company's efforts to define decision-making paradigms and trustworthy standards for industrial intelligence, aiming to secure a rule-making voice in the global physical AI arena.

marsbit9m ago

Two Funding Rounds in Three Months: The Chinese Version of Palantir is on Fire

marsbit9m ago

The Biggest Political Economy Question in the AI Era: As Robots Become More Capable, How Do Humans Share the Value?

In the AI era, the most pressing political economy question is: as machines become increasingly capable, how can humanity share in the value they create? An article originally critiquing China's tech focus has sparked a deeper debate on this global challenge. Historically, industrial progress improved efficiency but still relied on human labor for wealth creation and distribution. AI is fundamentally different—it is now replacing cognitive and knowledge work. As AI and robots take over more tasks, economic growth may continue while direct human participation in value creation shrinks, creating a core tension between productivity gains and widespread income generation. The issue is not unique to China. While leading tech companies amass enormous wealth, labor's share of income is declining globally. The core problem is a broken link: technological innovation and corporate profits are not translating into sufficient consumer income and demand. Three potential paths forward are outlined: a traditional capitalist model where profits primarily go to capital owners; a state-capitalist approach with public investment in AI; and more innovative models like digital sovereign wealth funds, universal shareholding, or AI-era basic income schemes to directly distribute AI-generated value. The future competitive advantage may lie not just in technological supremacy, but in which society can build a new, inclusive distribution system for the intelligent economy. The ultimate challenge is ensuring that as AI creates value, humans have a means to obtain income and share in the resulting widespread social benefits.

marsbit19m ago

The Biggest Political Economy Question in the AI Era: As Robots Become More Capable, How Do Humans Share the Value?

marsbit19m ago

Generating Profits for Seven Consecutive Quarters, Emerging Markets Carry Trade Outperforms Everything

For the seventh consecutive quarter, dollar-funded emerging market carry trades have delivered positive returns, marking the longest winning streak since 2008. According to Bloomberg's index, this strategy has gained approximately 22% since late 2024, outperforming U.S. Treasuries, emerging market sovereign, and corporate dollar debt. The core of the trade involves borrowing low-interest currencies like the U.S. dollar, euro, or yen to invest in high-yielding emerging market assets, such as Turkish lira bonds offering over 40% returns. Returns were amplified by favorable currency moves, with the dollar weakening against most emerging market currencies and other traditional funding currencies. For instance, the trade gained 48% on the Colombian peso in the past year. A key test came in August 2024 with a historic joint U.S.-Japan currency intervention, which caused only a modest 1% dip in the carry trade risk premium as investors shifted funding from the yen to the euro and Swiss franc. Looking ahead, the primary risk is the timing of Federal Reserve policy changes. While persistent inflation allows the Fed to hold rates, a rapid rise in long-term U.S. yields could threaten the trade. Another concern is crowding, as massive inflows increase vulnerability to a sudden reversal. High interest rates in regions like Latin America and Eastern Europe, supported by external factors like Middle East tensions and energy prices, continue to sustain the opportunity. Major investors remain engaged, favoring currencies like the Mexican peso, South African rand, and Turkish lira.

marsbit34m ago

Generating Profits for Seven Consecutive Quarters, Emerging Markets Carry Trade Outperforms Everything

marsbit34m ago

Tsinghua and Whiton Mentor-Disciple Team Cracks 40-Year-Old Mystery, Core Math All Written by GPT, Anyone Could Do It

Tsinghua and Wharton researchers have used GPT-5.6 Sol Pro to solve a 40-year-old open problem in optimization theory, proving a fundamental limit for gradient descent. They demonstrated that by adjusting only the step size sequence—without adding momentum or changing the algorithm's structure—the convergence rate of gradient descent cannot exceed Ω(T^{-1.9319}). This establishes a mathematical ceiling, showing that structural modifications are necessary to achieve the fastest possible convergence rates like O(1/T²). The core proof, involving a geometric construction based on "resisting oracles," was entirely generated through iterative interaction with the AI. The proof was then formally verified using the Lean 4 theorem prover, achieving zero "sorry" or "admit" statements, confirming its logical correctness without human intervention in the non-trivial mathematical steps. This result bridges the gap between the known O(T^{-1.2716}) rate achieved by the "silver stepsize" sequence and the newly proven impossibility bound. The work suggests a new paradigm where researchers can leverage general-purpose AI to explore and formally verify complex theoretical proofs.

marsbit44m ago

Tsinghua and Whiton Mentor-Disciple Team Cracks 40-Year-Old Mystery, Core Math All Written by GPT, Anyone Could Do It

marsbit44m ago

Anthropic Admits Fault, Evidence of Secretly Downgrading Claude's Intelligence

Anthropic publicly apologized after users discovered a hidden A/B test in Claude Code (versions 2.1.237+) that seemingly "dumbed down" the model. Developer argofowl found that selecting the "high" reasoning effort was being mapped internally to a value of "10," which previously corresponded to the "low" setting. While Anthropic engineers clarified this was only a change to the numerical mapping scale and assured it did not affect performance based on internal evaluations, the lack of communication about the test sparked widespread user backlash and self-tests on social media. Separately, significant complaints emerged about the flagship Opus 5 model, with users reporting it became "unstable," prone to lazy outputs, factual errors, and repetitive corrections. An Anthropic engineer acknowledged Opus 5's performance instability, calling its resolution a top priority. The incident highlights a growing industry-wide rift between improving benchmark scores and declining user-perceived quality and reliability. It underscores the lack of transparency in continuous model updates, where server-side changes, A/B tests, and configuration adjustments occur without clear user notification, eroding trust as AI models become critical infrastructure.

marsbit44m ago

Anthropic Admits Fault, Evidence of Secretly Downgrading Claude's Intelligence

marsbit44m ago

Trading

Spot

Hot Articles

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of SOL (SOL) are presented below.

活动图片

Top Questions

Hot Categoriesright-arrow

Hot Tagsright-arrow