Galaxy’s $50 million onchain commercial paper highlights accelerating adoption of blockchain-based debt markets.
J.P. Morgan has completed a $50 million onchain U.S. commercial paper issuance for Galaxy Digital Holdings selecting the Solana blockchain to execcute one of the earliest tokenized corporate bond transactions on a public network in the United States. The bank created the digital representation of the short-term bond managed the settlement of the primary issuance and delivered the tokens directly to investors.
The securities were purchased by Franklin Templeton and Coinbase, with both issuance and redemption settled in USDC, the dollar-denominated stablecoin. The structure demonstrates how open programmable blockchain infrastructure can support institutional grade fixed income products, an approach Galaxy has publicly endorsed as the future of capital markets.
The market for tokenized commercial bonds remains small but is expanding steadily. Analysts estimate that the sector could reach a $300 billion market capitalization by 2030, driven by demand for lower cost issuance, faster settlement and reduced dependence on traditional intermediaries.
International momentum is also building. Hong Kong’s Monetary Authority has outlined a multi year plan to move bonds and certain physical assets onchain by 2030, arguing that tokenization enhances cross-border settlement and supports the coming integration of artificial intelligence into financial infrastructure. In mainland China, Hua Xia Bank recently issued 4.5 billion yuan in tokenized bonds, offering a 1.84% yield and settling entirely in the country’s digital currency.
Together, these developments signal a decisive shift toward real-world asset tokenization, positioning blockchain networks like Solana as viable venues for future debt issuance.
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