JPMorgan arranged a $50 million bond for Galaxy Digital on Solana, one of the first cases of debt execution on a public blockchain.
The American investment bank said this in a statement statement that the short-term commercial paper was purchased by Coinbase and Franklin Templeton, with settlement taking place in the USDC stablecoin issued by Circle.
Coinbase will handle the wallets and custody for the deal, with the transaction appearing on the balance sheet. JPMorgan facilitated on-chain delivery versus payment settlement, in addition to creating the deal’s on-chain token, USCP.
LATEST: 🏦 JPMorgan has arranged Galaxy Digital’s first commercial paper offering on Solana, with Coinbase and Franklin Templeton buying the tokenized debt in what is being described as one of the first debt issuances to be executed on a public blockchain. pic.twitter.com/lgo5kVy0PK
— CoinMarketCap (@CoinMarketCap) December 12, 2025
Mainstream financial institutions are showing a growing interest in tokenized assets
The deal highlights the growing interest in tokenized assets as major banks and asset managers explore the use of blockchains for real-world financial activities. Blockchain settlement offers faster, more transparent alternatives to traditional debt markets.
“This issuance is a clear example of how public blockchains can improve the way capital markets work,” said Jason Urban, global head of trading at Galaxy. “By bringing our first commercial paper offering on-chain and helping to structure one of the first U.S. transactions of its kind, we are putting into practice the model we have long believed in: an open, programmable infrastructure that supports institutional-quality financial products.”
The debt deal comes at a time when tokenization is rapidly increasing, driven by a friendlier regulatory regime in the US. The US government under President Donald Trump has relaxed and clarified regulations in the crypto space, leading to accelerated activity from mainstream institutions.
“We believe there is strong demand for this type of innovation, and we are committed to supporting our clients and the market as we move forward,” said Scott Lucas, head of Markets Digital Assets at JPMorgan.
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