Quick Breakdown
- Galaxy Digital issues first U.S. commercial paper on Solana public blockchain.
- Transaction facilitated by J.P. Morgan, with Coinbase and Franklin Templeton as investors.
- USDC stablecoins used for settlement, marking a milestone in on-chain institutional finance.
Galaxy Digital Holdings LP has completed one of the first U.S. commercial paper (USCP) issuances on a public blockchain, leveraging Solana for issuance and settlement. J.P. Morgan acted as arranger, creating the on-chain USCP token and overseeing delivery-versus-payment settlement, while Coinbase and Franklin Templeton purchased the securities.
Galaxy has completed its first commercial paper issuance – executed onchain on @Solana.
Arranged by @JPMorgan, structured by Galaxy, and purchased by @Coinbase and @FTI_US, this transaction is one of the earliest U.S. debt issuances ever completed on a public blockchain.
— Galaxy (@galaxyhq) December 11, 2025
New milestone for blockchain in institutional finance
The issuance, payable in Circle’s USDC stablecoin, marks a significant innovation in institutional finance, blending traditional capital markets with blockchain technology.
Scott Lucas, Head of Markets Digital Assets at J.P. Morgan, highlighted the significance: “This trade demonstrates institutional appetite for digital assets and our capability to securely bring new instruments on-chain.” Jason Urban, Global Head of Trading at Galaxy, added that the transaction shows how programmable blockchain infrastructure can enhance capital markets, offering open, efficient, and secure financial products for institutional clients.
Blockchain integration expands institutional access
The USCP issuance strengthens Galaxy’s short-term funding capabilities and opens access to a growing base of institutional investors seeking blockchain-based money-market instruments. Solana Foundation’s Nick Ducoff emphasized the network’s ability to combine security and performance, while Franklin Templeton’s Sandy Kaul noted that this transaction signals a shift from experimentation to active institutional participation in blockchain finance. Coinbase Institutional, serving as both an investor and a wallet provider, provided custody and on- and off-ramp services for USDC and the USCP token.
This milestone underscores a broader trend of public blockchains being integrated into regulated financial markets, providing scalable, transparent, and resilient infrastructure for institutional investors. By combining blockchain with stablecoins, Galaxy, J.P. Morgan, and their partners are setting a precedent for future digital asset-based financial instruments in the U.S. market.
In another development, Galaxy Digital executed a major on-chain purchase of 1.2 million Solana (SOL) tokens, worth $306 million, in a single day. The acquisition, tracked by Lookonchain, involved multiple exchanges and was transferred to the crypto custody platform Fireblocks, demonstrating Galaxy’s continued commitment to strategic digital asset investments.
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