JPMorgan Chase & Co. arranged a $50 million U.S. commercial paper issuance for Galaxy Digital Holdings LP, an affiliate of Galaxy Inc., on the Solana public blockchain. The transaction, completed on December 11, 2025, marks the first U.S. debt issuance executed on a public blockchain and the first to use blockchain for both issuance and servicing of securities in the United States.
The deal was structured by Galaxy Digital Partners LLC, which acted as the structuring agent. JPMorgan created an on‑chain U.S. Commercial Paper (USCP) token that represents the paper on Solana, and it facilitated a delivery‑versus‑payment settlement. Proceeds and redemption payments are made in USDC stablecoins issued by Circle, making the transaction the first U.S. commercial paper deal to use a regulated stablecoin for settlement. Coinbase Global Inc. and Franklin Templeton were the primary purchasers, underscoring institutional appetite for digital‑asset‑backed securities.
This issuance demonstrates the practical viability of public blockchains for high‑value, regulated financial instruments. Solana’s high throughput and low transaction costs made it an attractive platform for a $50 million deal, and the use of USDC provides a familiar, compliant settlement currency for institutional investors. The transaction signals a broader shift toward programmable, transparent capital markets and positions JPMorgan as a leader in integrating blockchain technology into traditional finance.
JPMorgan’s involvement fits into its broader blockchain strategy, which includes the Onyx platform for private‑blockchain settlements and the Kinexys initiative for cross‑border payments. By successfully executing a commercial paper issuance on a public blockchain, JPMorgan showcases its technical capabilities and reinforces its commitment to expanding blockchain use cases beyond private networks. The deal also highlights the bank’s willingness to partner with established crypto firms—Circle for USDC and Solana for the network—to deliver end‑to‑end solutions for institutional clients.
The participation of Coinbase and Franklin Templeton illustrates growing confidence among traditional financial institutions in digital‑asset‑backed securities. Scott Lucas, Head of Markets Digital Assets at JPMorgan, said the transaction “demonstrates institutional appetite for digital assets and our capability to securely bring new instruments on‑chain using Solana.” The deal is expected to encourage further adoption of blockchain‑based debt instruments, potentially lowering issuance costs and speeding settlement for future issuers.
In summary, JPMorgan’s $50 million commercial paper issuance on Solana represents a landmark milestone in the integration of public blockchain technology with regulated capital markets. The transaction showcases the feasibility of stablecoin settlement, the scalability of Solana, and JPMorgan’s leadership in driving blockchain innovation within the financial services industry.
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