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JPMorgan arranged a $50 million bond for Galaxy Digital on Solana, one of the earliest cases of debt being executed on a public blockchain.
The US investment bank said in a statement that the short-term commercial paper was bought by Coinbase and Franklin Templeton, with settlement conducted in the USDC stablecoin that is issued by Circle.
Coinbase will handle the wallets and custody for the deal, with the transaction appearing on its 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 purchasing the tokenized debt in what is described as one of the first debt issuances executed on a public blockchain. pic.twitter.com/lgo5kVy0PK
— CoinMarketCap (@CoinMarketCap) December 12, 2025
Mainstream Financial Institutions Show Growing Interest In Tokenized Assets
The deal highlights growing interest in tokenized assets as major banks and asset managers explore using blockchains for real-world financial activity. 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 operate,” said Jason Urban, global head of trading at Galaxy. “By bringing our first commercial paper offering on-chain and helping structure one of the earliest U.S. transactions of its kind, we’re putting into practice the model we’ve long believed in: open, programmable infrastructure that supports institutional-grade 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 administration under President Donald Trump has eased and clarified regulation in the crypto space, prompting accelerated activity by mainstream institutions.
“We’re confident there is strong demand for this type of innovation, and we’re 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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