RT Coinbase Institutional 🛡️ (@CoinbaseInsto)Wall Street is putting the blockchain to work in capital markets.Today, @jpmorgan arranged a US commercial paper issuance for @galaxyhq on @solana - one of the first debt securities issued on a public blockchain in the U.S., with tokenization, USDC rails, and custody powered by Coinbase’s Crypto-as-a-Service platform. ...

Core Insights - JP Morgan has executed a US Commercial Paper offering for Galaxy Digital Holdings LP on the Solana network, marking one of the first debt issuances on a public blockchain [1] - The transaction was settled in Circle's USDC stablecoin, representing a significant innovation in the commercial paper market [1] Group 1: JP Morgan's Blockchain Strategy - The deal signifies a shift from JP Morgan's previous reliance on its private Onyx network and JPM Coin to utilizing Solana's public infrastructure, validating Solana's capability for institutional-grade financial products [2] - JP Morgan acted as the Arranger, creating the on-chain USCP token and facilitating delivery-versus-payment (DVP) settlement, which mitigates counterparty risk [3] Group 2: Institutional Adoption and Collaboration - The issuance exemplifies how public blockchains can enhance capital market operations, with institutions now actively transacting on blockchain technology [3] - Coinbase played a dual role as an investor and infrastructure provider, indicating a growing collaboration between traditional finance and crypto-native firms [4] Group 3: Technical Advantages of Solana and USDC - Solana was chosen for its speed, scalability, and low transaction costs, making it suitable for institutional operations that require efficiency [5] - Circle's USDC stablecoin has facilitated over $850 billion in value transfers globally, showcasing its utility in real-time settlement for compliant financial operations [6]