-
The transaction, carried out on behalf of Galaxy, which also acted as structurer, marks one of the first debt issuances ever executed on a public blockchain.
-
Coinbase was the lead investor, alongside Franklin Templeton
NEW YORK, December 11, 2025–(BUSINESS WIRE)–JP Morgan announced today that it has successfully arranged an offering of United States Commercial Paper (“USCP”) for Galaxy Digital Holdings LP, a subsidiary of Galaxy Inc. (“Galaxy”) on Solana, purchased by Coinbase Global Inc. (“Coinbase”) and Franklin Templeton. The transaction is one of the first debt issuances ever executed on a public blockchain and among the first in the United States to leverage blockchain for securities issuance and servicing, marking a significant milestone for global financial markets.
JP Morgan acted as arranger, created the USCP token on-chain, and facilitated delivery-for-payment settlement of the master issuance. Proceeds from the issuance and redemption will be paid in USDC stablecoins issued by Circle, representing another first in the USCP market.
Scott Lucas, head of digital asset markets at JP Morgan, says: “Today’s transaction is an important step toward understanding the role blockchain will play in the future of financial markets. This transaction demonstrates the institutional appetite for digital assets and our ability to securely introduce new on-chain instruments using Solana.
JP Morgan continues to redefine what is 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 company’s short-term financing capabilities and opens access to a growing base of institutional investors integrating blockchain-based money market instruments into their portfolios. Galaxy’s investment banking subsidiary, Galaxy Digital Partners LLC, acted as structuring agent for the transaction, and the securities were purchased by Coinbase and Franklin Templeton.
Jason Urban, Global Head of Trading at Galaxy, said: “This show is a clear example of how public blockchains can improve the functioning of capital markets. By integrating our first on-chain commercial paper offering and helping to structure one of the first U.S. transactions of its kind, we are putting into practice the model we have long believed in: an open, programmable infrastructure that supports institutional-grade financial products.
