BREAKING: J.P. Morgan just issued U.S. commercial paper on Solana, creating an on-chain USCP token and settling the deal in USDC with Coinbase & Franklin Templeton. This is one of the first debt issuances on a public blockchain; institutional crypto adoption just leveled up.
Context in a Nutshell
In a major institutional milestone, J.P. Morgan has arranged a Solana-based issuance of U.S. commercial paper for Galaxy Digital, featuring an on-chain USCP token and settlement in USDC. Coinbase and Franklin Templeton backed the deal, representing one of the first debt offerings executed on a public blockchain in the United States. Business Wire
What You Should Know
J.P. Morgan has created a Solana-based USCP token and arranged a landmark corporate debt issuance, Galaxy Digital's first U.S. commercial paper offering, executed and settled entirely on a public blockchain.
The short-term commercial paper was purchased by Coinbase and Franklin Templeton, with both issuance and redemption proceeds settled in Circle's USDC stablecoin.
This marks one of the earliest U.S. debt issuances ever executed on a public blockchain, moving beyond experiments on private networks and traditional systems.
JPMorgan created the on-chain USCP token and facilitated delivery-versus-payment settlement, showcasing institutional readiness for blockchain-native capital markets.
Why Does This Matter?
This is a pilot project that doubles as a real institutional transaction. By leveraging public blockchain rails like $SOL in a traditionally slow, paper-heavy market, J.P. Morgan and its partners are redefining how short-term corporate funding operates: faster, cheaper, and with programmable settlement. The move highlights growing institutional trust in blockchain infrastructure and stablecoins for mainstream finance.
If public blockchains can handle Wall Street-grade debt instruments today, tomorrow's financial markets may look very different, transparent, programmable, and built on open rails.
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