JPMorgan Chase issues Galaxy short-term bonds on Solana network

 JPMorgan arranged and created, distributed, and settled a short-term bond on the Solana blockchain for Galaxy Digital Holdings LP, as part of efforts to enhance financial market efficiency using underlying cryptocurrency technology.

The $50 million US commercial paper was purchased by Coinbase and asset management company Franklin Templeton, with payment made in USDC stablecoins issued by Circle Internet Group Inc., according to a statement from the companies on Thursday. The redemption payment upon the maturity of the notes will also be made in USDC.