JPMorgan Uses Solana Blockchain for Galaxy’s Dollar Note Deal

JPMorgan Chase & Co arranged the creation, distribution and settlement of a short-term bond for Galaxy Digital Holdings LP on the Solana blockchain, part of a push to make financial markets more efficient using crypto’s underlying technology.

The $50 million of US commercial paper was purchased by cryptocurrency exchange Coinbase Global Inc. and asset manager Franklin Templeton, using Circle Internet Group Inc.’s USDC stablecoin as a means of payment, the companies said in a statement on Thursday. Redemption payments when the paper matures will also be made in USDC.

By tokenizing traditional assets — such as bonds, stocks ...