JPMorgan Taps Solana to Create USCP Token for Galaxy Digital’s On-Chain Debt Raise

• JPMorgan issued the Galaxy’s $50M USCP on Solana, marking one of the earliest public-chain debt deals bought by Coinbase and Franklin Templeton.
• Solana adoption accelerates with institutions using its low-cost network for tokenized assets and increasing USDC-based settlement.

---

JPMorgan has turned to Solana to build a USCP token for Galaxy Digital’s latest on-chain debt raise, and the bank confirmed it successfully arranged a U.S. Commercial Paper issuance purchased by Coinbase and Franklin Templeton. According to the announcement, the transaction stands among the earliest debt issuances ever been to get executed on a public blockchain and one of the first U.S. securities offerings to rely fully on blockchain infrastructure for both issuance and servicing.

Serving global clients across banking, markets, and securities services, J.P. Morgan’s Commercial & Investment Bank has $40.1 trillion in assets under custody and $1.11 trillion in deposits. Its scale and infrastructure reinforce the bank’s ability to bring institutional-grade debt products, such as the new Solana-based USCP issuance, into public blockchains, as further discussed below.

JPMorgan and Galaxy Advance Solana Debt Tokenization

JPMorgan arranged a $50 million U.S. Commercial Paper (USCP) issuance for Galaxy Digital Holdings on the Solana blockchain, purchased by Coinbase and Franklin Templeton. The bank created the on-chain USCP token, handled delivery-versus-payment settlement, and confirmed that both issuance and redemption will be processed in USDC issued by Circle.

The deal is one of the earliest debt issuances executed on a public blockchain and among the first in the U.S. to use blockchain for the issuance and servicing of securities. Scott Lucas of J.P. Morgan said,

Solana’s Growing DeFi and Ecosystem Activity

Besides the latest Solana integration, we also highlighted that millions of assets will be instantly accessible to Coinbase’s user base, allowing issuers to reach global markets. Solana continues to attract major institutions due to high speed, low transaction costs, and increasing adoption for real-world asset tokenization.

Legacy finance firms have expanded on-chain activity on Solana following earlier issuances, including Galaxy’s tokenized equity and growing use of USDC across the network. Nick Ducoff of the Solana Foundation noted that

As of Now, Solana (SOL) is trading at the price of $137.18, reflecting an increase of 4.83% in the past day and decrease of 1.02% in the past week. See SOL Price chart below.

]]>