America’s largest bank, JPMorgan , has taken a bold step into the future of finance by issuing commercial debt on the Solana blockchain. This move has caught the attention of the broader crypto and traditional markets, as it marks one of the first times a US commercial debt was brought into a public blockchain. JPMorgan Brings Commercial Debt Papers To Solana According to a press release published on December 11, JPMorgan has successfully arranged a US Commercial Paper (USCP) Issuance for Galaxy Digital Holdings LP, an affiliate of Galaxy Inc., on the Solana blockchain. The issuance represents one of the earliest debt offerings executed on a public blockchain in the US. JPMorgan had served as the arranger, creating the on-chain USCP token and managing the delivery-versus-payment settlement for the issuance. Meanwhile, Galaxy Digital Partners LLC had structured the offerings, while US technology company Coinbase Global Inc. and global investment management firm Franklin Templeton had purchased the issuance. Scott Lucas, the Head of Markets Digital Assets at JPMorgan, emphasized that the new commercial debt transaction was a key demonstration of institutional demand for digital assets and the transformative potential of blockchain technology in the future of financial markets. He added that, as a user-focused banking institution, JPMorgan is committed to meeting the evolving demand for digital asset exposures . Notably, the USPC token issuance is the first commercial paper offered by Galaxy, enhancing the company’s short-term funding capabilities and providing access to a broader institutional investor base interested in blockchain-based money-market instruments. Details from the press release reveal that both the issuance and the redemption proceeds will be paid in USDC stablecoins issued by Circle , marking a first for the US commercial paper market. What Other Executives Have To Say In the press release, Jason Urban, Global Head of Trading at Galaxy, stated that the issuance demonstrates how public blockchains can enhance the functioning of capital markets. He emphasized that bringing Galaxy’s first commercial paper offering on-chain and structuring one of the earliest US transactions of its kind are significant milestones. It underscores Galaxy’s vision of using open and programmable infrastructure to support institutional-level financial products. Urban also expressed satisfaction in collaborating with JPMorgan, Coinbase, Solana, and Franklin Templeton to integrate these innovations into daily market operations. Sandy Kaul, Head of Innovation at Franklin Templeton, highlighted that institutions are moving from experimenting to actively transacting on the blockchain . She noted that deals like Galaxy’s on-chain issuance help build a more open, efficient, and resilient financial system while supporting broader adoption of digital infrastructures in traditional markets . Nick Ducoff, Head of Institutional Growth at the Solana Foundation , described the issuance as a key step in bringing the security and efficiency of blockchains to institutional finance. Brett Tejpaul, the Co-CEO of Coinbase Institutional, stated that the transaction shows how institutional finance is embracing public blockchain technology, with Coinbase playing a foundational role as an investor, wallet provider, and custodian for the USPC token.
