Catenaa, Monday, December 15, 2025- JPMorgan arranged a new commercial paper sale for a Galaxy Digital unit using a Solana-based token, marking one of the earliest debt transactions carried out on a public blockchain.
Coinbase and Franklin Templeton bought the debt instruments, which were issued as a USCP token created by JPMorgan to move the deal on-chain.
The firms did not disclose the size or pricing terms. They said the structure shows growing interest in digital instruments among large institutions.
The proceeds for issuance and repayment will move through Circle’s USDC stablecoin, forming a rare example of a full on-chain settlement loop for US commercial paper.
Galaxy said the format strengthens its short-term funding options and expands its reach to investors adding blockchain-linked money market holdings.
Coinbase is handling custody and wallet support for the USCP token, while also managing USDC flows tied to the transaction.
Galaxy has tested similar tools this year, including tokenized versions of its SEC-registered stock on Solana and work with Forward Industries, a large SOL treasury project.
The company has promoted public blockchains as a way to run faster and more open financial operations.
The transaction adds to a series of trials in the past two years as banks and asset managers shift selected debt products onto blockchain rails.
Institutions in the United States, Europe and Asia have begun using digital platforms to issue commercial paper, bonds and structured notes, moving step by step toward wider use of tokenized debt.
