JPMorgan issues Galaxy short-term bonds on the Solana network

According to Bloomberg, JPMorgan arranged, created, distributed, and settled a short-term bond on the Solana blockchain for Galaxy Digital Holdings LP, which is part of an initiative to enhance the efficiency of financial markets using the underlying technology of cryptocurrencies.

This $50 million U.S. commercial paper was purchased by Coinbase and asset management firm Franklin Templeton, with payment made in USDC stablecoins issued by Circle Internet Group Inc., the companies stated in a statement on Thursday. The redemption amount at maturity will also be paid in USDC.