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J.P. Morgan arranges USCP issuance on Solana
12 December 2025 US
Image: MOZCO_Mat_Szymański/stock.adobe.com
J.P. Morgan has announced its successful arrangement of a US Commercial Paper (USCP) issuance for Galaxy Digital Holdings, a digital assets and data infrastructure company and affiliate of Galaxy, on Solana, and purchased by Coinbase Global and Franklin Templeton.
The transaction is among the earliest debt issuances executed on a public blockchain, in addition to being one of the first in the US to utilise blockchain for both the issuance and servicing of securities, according to J.P. Morgan.
The onchain USCP token was created by J.P. Morgan, who acted as arranger, in addition to facilitating the delivery-versus-payment of the primary issuance.
Both the proceeds of issuance and redemption will be paid in USDC stablecoins, issued by Circle.
Head of digital assets, J.P. Morgan, Scott Lucas, says: “This trade demonstrates institutional appetite for digital assets and our capability to securely bring new instruments on-chain using Solana.”
The trade is Galaxy’s first commercial paper issuance, with the onchain USCP format said to strengthen its short-term funding capabilities.
Galaxy’s investment banking affiliate, Galaxy Digital Partners, acted as a structuring agent on the transaction.
Jason Urban, global head of trading at Galaxy, believes the issuance “is a clear example of how public blockchains can improve the way capital markets operate”.
The transaction is among the earliest debt issuances executed on a public blockchain, in addition to being one of the first in the US to utilise blockchain for both the issuance and servicing of securities, according to J.P. Morgan.
The onchain USCP token was created by J.P. Morgan, who acted as arranger, in addition to facilitating the delivery-versus-payment of the primary issuance.
Both the proceeds of issuance and redemption will be paid in USDC stablecoins, issued by Circle.
Head of digital assets, J.P. Morgan, Scott Lucas, says: “This trade demonstrates institutional appetite for digital assets and our capability to securely bring new instruments on-chain using Solana.”
The trade is Galaxy’s first commercial paper issuance, with the onchain USCP format said to strengthen its short-term funding capabilities.
Galaxy’s investment banking affiliate, Galaxy Digital Partners, acted as a structuring agent on the transaction.
Jason Urban, global head of trading at Galaxy, believes the issuance “is a clear example of how public blockchains can improve the way capital markets operate”.
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