Both issuance and redemption proceeds will be paid using Circle's USDC stablecoin.
Solana News
JPMorgan has launched USCP, a tokenized corporate debt instrument built on Solana, to facilitate Galaxy Digital's commercial paper offering. Coinbase and Franklin Templeton purchased the debt tokens in what the firms described as among the first debt issuances executed on a public blockchain.
The transaction marks Galaxy's debut U.S. commercial paper issuance. Scott Lucas, JPMorgan's head of markets digital assets, stated the trade demonstrates institutional appetite for digital assets and the bank's capability to bring new instruments on-chain using Solana.
Both issuance and redemption proceeds will be paid using Circle's USDC stablecoin. The companies called this another market first for the USCP market, as the on-chain format strengthens Galaxy's short-term funding capabilities and opens access to institutional investors who incorporate blockchain-based money market instruments into portfolios.
Coinbase provides private-key custody and wallet services for the newly issued USCP token alongside on-ramp and off-ramp services for USDC. The exchange serves as the lead investor in Galaxy's debt alongside Franklin Templeton, though the firms did not disclose the debt issuance's size or terms.
Galaxy has experimented with moving financial operations on-chain throughout 2025. The firm issued tokenized representations of its SEC-registered stock on Solana earlier this year and backs Forward Industries, which operates the largest Solana treasury while experimenting with blockchain-based financialization.
Jason Urban, global head of trading at Galaxy, said the issuance demonstrates how public blockchains can improve capital markets operations. The company structured one of the earliest U.S. transactions of this type, implementing the model of open, programmable infrastructure that supports institutional-grade financial products.
Galaxy's tokenized debt follows similar experiments across legacy finance. Franklin Templeton has actively pursued on-chain debt issuance by tokenizing U.S. government securities, while B2C2 became the first private corporation to issue a fully tokenized bond on Ethereum in 2024.
Singapore's Oversea-Chinese Banking Corp established a $1 billion digital U.S. commercial paper program using JPMorgan's Digital Debt Service on the bank's Kinexys blockchain in August. Societe Generale completed its first digital bond issuance in the U.S. using Broadridge Financial Solutions' tokenization platform on the Canton blockchain last month.
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