JPMorgan Chase structured, distributed, and settled a $50 million short-term bond for Galaxy Digital on the Solana blockchain, a key step in integrating crypto with traditional markets.
The transaction used USDC, Circle’s stablecoin, both for the purchase and for redemption payments at maturity. The buyers were Coinbase and Franklin Templeton, while Galaxy Digital Partners acted as the structuring agent.
The initiative aims to test the efficiency of tokenizing traditional assets, enabling faster settlements, greater transparency, and the use of bonds as collateral. JPMorgan, which had primarily worked with Ethereum, chose Solana to gain experience with another public chain and plans future tokenized bond issuances.
The operation shows that a public blockchain allows any entity or user to validate transactions and access information without permission, differing from the private blockchains used by banks. While volumes are still small compared to traditional markets, new U.S. regulations are encouraging the adoption of these technologies.
The bank notes that this type of transaction can streamline post-trade management and create new liquidity tools, positioning tokenization as a mechanism with the potential to modernize financial markets.
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