JPMorgan issues first U.S. debt deal on popular blockchain

Core Insights - A major Wall Street bank has successfully executed a U.S. commercial paper issuance on the Solana blockchain, marking a significant shift towards public blockchain transactions in the financial sector [1][2][4] Group 1: Transaction Details - J.P. Morgan arranged the issuance for Galaxy Digital, with securities purchased by Coinbase and Franklin Templeton, showcasing institutional interest in blockchain technology [2] - The commercial paper is fully tokenized, with both issuance and redemption cash flows paid in USDC, a dollar-pegged stablecoin [3] - The transaction is described as one of the earliest debt issuances on a public blockchain, indicating a milestone for financial markets globally [4] Group 2: Blockchain Technology - Solana was chosen for this transaction due to its speed and scalability, capable of processing thousands of transactions per second with low fees, making it suitable for financial instruments [5][6] - The architecture of Solana allows for high-volume activity without congestion, which is essential for banks and asset managers testing real-world settlements on public chains [7]