J.P. Morgan Arranges Landmark U.S. Commercial Paper Issuance on Solana Public Blockchain for Galaxy Digital Holdings LP

Key Terms

public blockchain technical

A public blockchain is a shared, digital ledger that records transactions across many independent computers so anyone can read and verify the history without a single company controlling it. For investors it matters because openness and wide participation affect security, transparency, and how valuable the network’s tokens or services can become — think of it as a shared Google spreadsheet everyone can see and confirm, not edited by one person.

stablecoins financial

Stablecoins are a type of digital currency designed to maintain a steady value, often linked to traditional currencies like the dollar or euro. They function like digital cash that offers the convenience of online transactions while avoiding the large price swings common with other cryptocurrencies. This stability makes them useful for investors and users who want a reliable way to store and transfer value without exposure to sudden market changes.

token technical

A token is a digital unit of value created on a blockchain that can represent money, access rights, ownership stakes, or unique items; think of it like a digital ticket or coupon that can be traded, used, or collected. Investors care because tokens can carry financial value, entitle holders to returns or governance rights, and their supply, legal status, and market demand affect price and risk in ways similar to stocks or commodities.

• The transaction, completed on behalf of Galaxy, which also acted as the structurer, marks one of the first debt issuances ever executed on a public blockchain
• Coinbase was the lead investor, alongside Franklin Templeton

NEW YORK--(BUSINESS WIRE)-- J.P. Morgan announced today that it has successfully arranged a U.S. Commercial Paper (‘USCP’) issuance for Galaxy Digital Holdings LP, an affiliate of Galaxy Inc. (‘Galaxy’) on Solana, purchased by Coinbase Global Inc. (‘Coinbase’) and Franklin Templeton. The transaction is one of the earliest debt issuances ever executed on a public blockchain, and among the first in the U.S. to harness blockchain for the issuance and servicing of securities, marking a significant milestone for financial markets globally.

J.P. Morgan acted as Arranger, created the on-chain USCP token and facilitated the delivery-versus-payment settlement of the primary issuance. Both the issuance and redemption proceeds will be paid in USDC stablecoins issued by Circle, representing another market first for the USCP market.

Scott Lucas, Head of Markets Digital Assets, J.P. Morgan says: “Today’s transaction is an important step toward understanding the role blockchain will play in the future of financial markets. This trade demonstrates institutional appetite for digital assets and our capability to securely bring new instruments on-chain using Solana. As a client-centric business, we remain focused on meeting the evolving demand for digital asset exposure while preserving the integrity of traditional markets.”

J.P. Morgan continues to redefine what’s possible in digital assets, driving the future of finance with secure, scalable, and transparent solutions for institutional clients.

This milestone marks Galaxy’s first commercial paper issuance. The on-chain USCP format strengthens the firm’s short-term funding capabilities and opens access to a growing base of institutional investors incorporating blockchain-based money-market instruments into their portfolios. Galaxy’s Investment Banking Affiliate, Galaxy Digital Partners LLC, acted as Structuring Agent on the transaction, and the securities were purchased by Coinbase and Franklin Templeton.

Jason Urban, Global Head of Trading at Galaxy, says: “This issuance is a clear example of how public blockchains can improve the way capital markets operate. 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. We’re pleased to collaborate with J.P. Morgan, Coinbase, Solana, and Franklin Templeton to help bring these innovations into everyday market activity.”

Sandy Kaul, Head of Innovation at Franklin Templeton, adds: “We’ve entered a new era where institutions are no longer just experimenting with blockchain—we’re transacting on it in a big way. This investment supporting the innovative work of the Galaxy team, and every new institutional deal with onchain issuance, accelerates our collective journey toward a more open, efficient, and resilient financial ecosystem.”

Nick Ducoff, Head of Institutional Growth, Solana Foundation, commented: “This issuance marks a major step in bringing the security and efficiency of public blockchains to institutional finance. Solana’s architecture makes it possible for firms like J.P. Morgan to arrange financial transactions with the trust and performance the market has always needed.”

Brett Tejpaul, Co-CEO of Coinbase Institutional, added: “This milestone transaction is a powerful demonstration of how institutional finance is embracing public blockchain technology, and Coinbase is proud to have played a foundational role in making this possible. We are proud to play key roles both as an investor and a wallet provider. Providing essential infrastructure and leveraging the strength of our balance sheet are integral to the success of this transaction. By providing private-key custody and wallet services for the newly issued USCP token and delivering critical on/off ramp services for USDC, we are not just investing in the future of finance, but we are actively building the rails that allow real-world assets to seamlessly move on-chain securely.”

About J.P. Morgan’s Commercial & Investment Bank

J.P. Morgan’s Commercial & Investment Bank is a global leader in banking, payments, markets and securities services. Start-ups, companies, governments and institutions entrust us with their business in more than 100 countries worldwide. With $40.1 trillion of assets under custody and $1.11 trillion in deposits, the Commercial & Investment Bank provides strategic advice, raises capital, manages risk, offers payment solutions, safeguards assets and extends liquidity in global markets. Further information about J.P. Morgan is available at www.jpmorgan.com.

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Media Contacts:

J.P. Morgan US – Gurpreet Kaur: E: gurpreet.x3.kaur@jpmorgan.com / T: +1 (212) 270-8894

J.P. Morgan EMEA – Erica Lewis: E: erica.lewis@jpmorgan.com / T: +44 (0)7893 683377

Source: JPMorgan Chase & Co.