Ondo

Franklin

Solana

Galaxy

Financial services company J.P. Morgan announced on Thursday that it had arranged a $50 million onchain US commercial paper issuance for Galaxy Digital Holdings on the Solana blockchain, one of the earliest debt deals executed on a public network in the United States.
The offering, a tokenized short-term corporate bond, was tokenized by J.P. Morgan. <a href="https://www.jpmorgan.com/about-us/corporate-news/2025/jpmorgan-commercial-paper-issuance-solana-blockchain" rel="noopener noreferrer nofollow" target="_blank">According</a> to the company, it created the <a href="https://cointelegraph.com/learn/articles/tokenized-real-world-assets-rwa-in-defi" rel="noopener noreferrer nofollow">corresponding blockchain token</a> for the bond and handled the settlement of the primary issuance.
The tokenized securities were sold to asset manager Franklin Templeton and crypto exchange Coinbase, while issuance and redemption will be paid in Circle’s USDC (<a href="https://cointelegraph.com/usdc-price-index" rel="noopener noreferrer nofollow">USDC</a>) dollar-pegged stablecoin, according to the press release.
“We’re putting into practice the model we’ve long believed in: open, programmable infrastructure that supports institutional-grade financial products,” Jason Urban, the global head of trading at Galaxy, said.
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 <img alt="Bonds, Solana, Tokenization, RWA Tokenization" src="https://s3.cointelegraph.com/uploads/2025-12/019b0edf-d1ad-74c5-ae96-854c2af5fde0" title="">
 <figcaption style="text-align: center;">
 The tokenized commercial bond market is still in its infancy, but continues to grow. Source: <a href="https://app.rwa.xyz/corporate-bonds" rel="noopener noreferrer nofollow" target="_blank">RWA.XYZ</a>
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 Tokenizing commercial, sovereign and municipal bonds can lower costs and settlement times by <a href="https://cointelegraph.com/news/ecb-digital-bond-trials-fail-bring-issuance-costs-down-moodys" rel="noopener noreferrer nofollow">removing financial intermediaries</a> from the issuance and clearing process. Analysts forecast that the sector could <a href="https://cointelegraph.com/news/tokenized-bond-market-30x-2030-fintech-exec" rel="noopener noreferrer nofollow">grow to a $300 billion market</a> capitalization by 2030.
Related: <a href="https://cointelegraph.com/news/state-street-galaxy-ondo-onchain-cash-sweep-solana" rel="noopener noreferrer nofollow">State Street, Galaxy and Ondo join tokenized cash race with 24/7 sweep fund</a>
<h2 id="mainland-china-hong-kong-tokenize-bonds">Mainland China, Hong Kong tokenize bonds</h2>
Hong Kong’s Monetary Authority (HKMA) has prioritized the tokenization of financial assets, <a href="https://cointelegraph.com/news/hkma-unveils-fintech-2030-strategy-plans-to-accerlate-rwa-tokenization" rel="noopener noreferrer nofollow">announcing a five-year plan</a> to bring bonds and physical assets onchain by 2030.
Bringing real-world assets onchain makes cross-border settlement more efficient and positions Hong Kong for the integration of artificial intelligence into the financial system, <a href="https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/11/20251103-3/" rel="noopener noreferrer nofollow" target="_blank">according</a> to the HKMA.
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 <img alt="Bonds, Solana, Tokenization, RWA Tokenization" src="https://s3.cointelegraph.com/uploads/2025-12/019b0ee2-ea2b-7e17-90d0-33d169c5621d">
 <figcaption style="text-align: center;">
 The total real-world tokenized asset (RWA) market capitalization is over $18.4 billion at the time of this writing. Source: <a href="https://app.rwa.xyz/" rel="noopener noreferrer nofollow" target="_blank">RWA.XYZ</a>
 </figcaption>
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In November, Hua Xia Bank, a publicly traded financial services company with ties to China’s central government, <a href="https://cointelegraph.com/news/hua-xia-china-bank-tokenizes-600m-yuan-bonds" rel="noopener noreferrer nofollow">issued 4.5 billion in tokenized yuan bonds</a>, equivalent to $600 million.
The bond tranche was issued by Hua Xia Financial Leasing, featured a 1.84% yield, and is settled exclusively in <a href="https://cointelegraph.com/learn/articles/an-overview-of-chinas-digital-yuan" rel="noopener noreferrer nofollow">the digital yuan</a>. The digital yuan, also known as the digital renminbi, is a central bank digital currency (CBDC) issued by China’s government, which began developing it in 2014. Magazine: <a href="https://cointelegraph.com/magazine/11-critical-moments-ethereum-history-that-made-eth-no2-blockchain/" rel="noopener noreferrer nofollow">11 critical moments in Ethereum’s history that made it the No.2 blockchain</a>

J.P. Morgan taps Solana for Galaxy’s tokenized corporate bond issuance

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