J.P. Morgan Leads Landmark On-Chain Commercial Paper Issuance on Solana

Global banking giant J.P. Morgan has taken another major step into blockchain finance by arranging a groundbreaking commercial paper issuance on the Solana blockchain. The deal marks one of the clearest examples yet of real-world financial instruments moving onto public blockchain networks, reinforcing the rapid growth of tokenized real-world assets (RWA).

Commercial paper, a short-term debt instrument traditionally issued through legacy financial systems, was fully structured and settled onchain for this transaction. Settlement was completed using USDC, the widely used dollar-backed stablecoin issued by Circle, highlighting the increasing role stablecoins play in institutional finance. As part of the issuance, J.P. Morgan created the onchain token representing the debt and oversaw the entire settlement process.

Galaxy’s investment banking division structured the offering, while Coinbase participated both as an investor and wallet provider. Franklin Templeton—already recognized for its tokenized money market fund—also invested, adding further institutional credibility to the transaction. Their involvement underscores the accelerating adoption of blockchain infrastructure among major financial players seeking faster, more efficient ways to issue and settle assets.

The deal comes as tokenization continues gaining momentum across global capital markets. Analysts from BCG and Ripple forecast that the tokenized asset market could surge to nearly $19 trillion by 2033, driven by growing demand for improved settlement speed, transparency, and operational efficiency. Support from U.S. regulators is also strengthening the trend. SEC Chairman Paul Atkins recently described tokenization as a key innovation poised to reshape the financial system within the next few years.

For J.P. Morgan, this issuance builds on years of blockchain development, including the launch of JPM Coin in 2019 and its blockchain unit Onyx—now operating under Kinexys—which has executed blockchain-based repo transactions, cross-border payments, and tokenized settlements with major partners such as BlackRock and Siemens. The Solana-based commercial paper issuance signals a deeper institutional shift toward integrating blockchain technology into core financial operations.