Catenaa, Friday, December 19, 2025- JPMorgan has facilitated a commercial paper issuance for a Galaxy Digital subsidiary using a Solana-based token called USCP, marking one of the first debt offerings executed on a public blockchain. Coinbase and Franklin Templeton participated, according to an announcement.
The USCP token represents Galaxy’s short-term corporate debt, with issuance and redemption proceeds handled in Circle’s USDC stablecoin.
JPMorgan said the on-chain format enhances short-term funding capabilities and expands access to institutional investors seeking blockchain-based money-market instruments.
Galaxy Digital’s first US commercial paper issuance reflects the firm’s broader strategy to bring financial operations onchain.
Earlier this year, Galaxy issued tokenized versions of its SEC-registered stock on Solana and backs Forward Industries, the largest SOL treasury experimenting with blockchain-based financialization.
JPMorgan emphasized the transaction demonstrates institutional demand for digital assets and showcases the bank’s ability to structure secure on-chain financial products.
Coinbase is providing private-key custody, wallet services, and USDC on- and off-ramp support for the USCP token.
The issuance aligns with a growing trend among traditional finance players using public blockchains to streamline capital markets. In 2024, B2C2 issued the first fully tokenized corporate bond on Ethereum.
More recently, Singapore’s Oversea-Chinese Banking Corp launched a $1 billion digital U.S. commercial paper program on Kinexys, and Societe Generale issued its first US digital bond via Canton blockchain.
Guggenheim Treasury Services and DBS have also explored tokenized debt and structured notes on Ethereum and XRP Ledger.
