JPMorgan Finalizes $50 Million Galaxy Digital Commercial Paper Issuance on Solana

• JPMorgan issues $50M commercial paper on Solana with full USDC settlement.
• Galaxy completes its first on-chain commercial paper using tokenized structures.
• Institutions highlight growing use of public blockchains in live market transactions.

JPMorgan has executed a $50 million commercial paper issuance for Galaxy Digital Holdings through the Solana blockchain, marking one of the earliest instances in which a major U.S. bank has issued and serviced a securities instrument entirely on-chain. The transaction involved Coinbase Global and Franklin Templeton as purchasers of the short-term debt and used Circle’s USDC for both issuance and redemption payments.

As part of the process, JPMorgan created a USCP token representing the commercial paper and coordinated the issuance lifecycle. The bank stated that the full payment flow, including settlement and redemption, moved through USDC transfers. According to Scott Lucas, who oversees Markets Digital Assets at the firm, the bank plans to extend the model in the first half of next year. His comments suggest forthcoming tests involving different categories of investors, a broader mix of issuers, and expanded security types. Lucas said the bank continues to monitor growing institutional interest in structures that use digital settlement rails.

For Galaxy Digital, the transaction represents its initial commercial paper issuance. The company stated that the on-chain design provides transparent ownership records and creates access points for institutions that are beginning to adopt blockchain-based funding tools. Galaxy Digital Partners LLC served as the structuring agent for the deal.

Market Participants Describe a Shift Toward Functional On-Chain Activity

Executives involved in the transaction highlighted the value of executing a live securities issuance on a public chain. Jason Urban, Global Head of Trading at Galaxy, stated that the firm’s participation reflects a long-standing view that open and programmable infrastructure can be used to support traditional financial instruments. He said the process demonstrates how public chains can be used to administer short-term funding arrangements.

Additional parties noted the operational implications for institutional workflows. Sandy Kaul of Franklin Templeton said the firm’s purchase aligns with a broader industry trend in which institutions are beginning to transact directly on public networks.

Nick Ducoff from the Solana Foundation stated that the blockchain’s architecture enabled the settlement model used in the issuance. Coinbase Institutional Co-CEO Brett Tejpaul added that the firm provided wallet custody and USDC on- and off-ramp functions necessary for the execution.