Is JPMorgan Chase’s Shift to Solana the Start of a New Era in On-Chain Financial Instruments?

Posted On December 12, 2025

JPMorgan Chase, the country’s largest bank, has issued a US commercial paper instrument on the Solana blockchain. 

It marks one of the first major debt deals to move onto a public chain, and it’s already being viewed as a notable step for the sector.

The transaction was completed for Galaxy Digital Holdings LP. Coinbase and Franklin Templeton bought the issuance, adding more weight to the shift toward public blockchain rails. 

For many in the industry, the move shows how quickly institutional adoption is widening.

The decision also represents a change inside JPMorgan. The bank has spent years building and testing blockchain tools through Onyx, its private network, and with permissioned versions of Ethereum. 

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Are Capital Markets Moving Toward Public Chains After JPMorgan’s Solana Transaction?

Using Solana, a fast and open Layer-1, shows the bank is now willing to work on public infrastructure as well. JPMorgan created the on-chain USCP token, arranged the deal, and carried out delivery-versus-payment settlement. Both issuance and redemption were handled in USDC. This is another sign of how traditional finance is starting to use public crypto systems for real transactions.

Scott Lucas, Head of Markets Digital Assets at JPMorgan, said the decision comes as more institutions look for reliable digital asset infrastructure. He noted that the move also shows Solana can support financial-market operations at scale.

Galaxy structured the issuance and called it an early look at how capital markets may shift in the coming years, more open, programmable, and built for institutional use. 

Coinbase joined as an investor and handled the technical side, including custody and wallet services for the USCP token. Franklin Templeton, already active in on-chain money markets, described the transaction as the start of “a new era” in institutional blockchain activity.

The Solana Foundation said JPMorgan’s choice puts the network at the center of efforts in traditional finance to use public blockchain rails. For Solana, the deal offers the kind of recognition large financial firms had been slow to give.

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Will SOL’s Bounce From $135 Hold as the Chart Points Toward a Move to $146?

Solana is trying to steady itself after a sharp pullback. A new chart from analyst Crypto Tony shows two possible outcomes for the price in the short term. 

In his update, he said, “Either bottom in, or $146 minimum to be hit.” This suggests SOL has reached a key point after a volatile week.

(Source: X)

His chart outlines an Elliott Wave-style pattern. The recent drop appears to finish a corrective move marked as “(a)” and “(b).” 

Price has bounced from support around $135, hinting that buyers may be stepping back in. The projection also shows a possible climb toward $146, labelled as wave “(c).” That level now stands out as the main resistance zone traders are watching.

Short-term candles show better momentum. A sharp green move from the lows signals that buyers are trying to take back control. 

The white projection on the chart points to a choppy push higher, which suggests the price may swing around a bit before it moves toward the $146 area.

But the chart also marks a sharp drop after that point. It hints that even if Solana reaches $146, the level may act as a brief top instead of the start of a larger trend shift. Solana is now sitting in a tight pressure zone, and its next move will shape how the broader structure develops.

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