JP MORGAN CHASE(US:JPM) Xin Lang Cai Jing·2025-12-11 15:20Core Insights - Morgan Stanley has issued a U.S. commercial paper for Galaxy Digital Holdings on the Solana blockchain, marking a significant step in institutional acceptance of digital assets [1][3] - The transaction, involving Coinbase Global and Franklin Templeton, is one of the earliest cases of using blockchain for securities issuance and management, described by Morgan Stanley as a "global milestone" [1][3] - The debt transaction is valued at $50 million, highlighting the growing interest of traditional financial institutions in blockchain platforms like Solana, which offers high transaction speeds and low costs [4] Company Actions - Morgan Stanley's digital asset market head, Scott Lucas, stated that this milestone transaction is crucial for building the future of finance, demonstrating institutional acceptance of digital assets and the ability to securely bring new financial instruments on-chain amid complex legal and regulatory environments [4] - The bank has previously completed several issuances on its private permissioned blockchain, including municipal securities for Quincy in April 2024 and U.S. commercial paper for OCBC Bank in August 2025 [4] Future Plans - Lucas indicated plans to explore expanding the framework and Morgan Stanley's role in it in the first half of next year, which will include broadening the investor and issuer base and covering more types of securities [2][4] - In this transaction, Morgan Stanley acted as the arranger and created a tokenized version of the U.S. commercial paper, with issuance and redemption payments made in USDC, a stablecoin issued by Circle [5]