J.P. Morgan Issues Commercial Paper on Solana for Galaxy Digital
J.P. Morgan announced Thursday that it has issued U.S. commercial paper for Galaxy Digital Holdings on the Solana blockchain. The move represents a direct use of public blockchain infrastructure for short-term debt issuance, with the bank acting to tokenize or record the instrument on-chain as part of the transaction.
The transaction is significant because it signals wider institutional comfort with blockchain tooling for capital markets and not just for trading or custody. Using a blockchain for debt issuance can improve transparency, speed reconciliation and settlement, and potentially reduce frictions between issuers, banks and investors. Market participants and regulators will be watching to see whether this becomes a recurring channel for corporate funding and how standards and compliance evolve around on-chain debt instruments.