J.P. Morgan, a global financial institution, announced on Dec. 11 that it arranged a U.S. commercial paper issuance on the Solana blockchain for Galaxy Digital Holdings LP, involving purchases by Coinbase and Franklin Templeton and marking one of the earliest debt issuances executed on a public blockchain.

The announcement states:

The transaction is one of the earliest debt issuances ever executed on a public blockchain, and among the first in the U.S. to harness blockchain for the issuance and servicing of securities, marking a significant milestone for financial markets globally.

“Today’s transaction is an important step toward understanding the role blockchain will play in the future of financial markets,” Scott Lucas, head of markets digital assets at J.P. Morgan, commented. “This trade demonstrates institutional appetite for digital assets and our capability to securely bring new instruments on-chain using Solana. As a client-centric business, we remain focused on meeting the evolving demand for digital asset exposure while preserving the integrity of traditional markets.”

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J.P. Morgan detailed that it created the on-chain USCP token, structured the issuance, and settled the transaction in USDC stablecoins. Galaxy said the structure improves its short-term funding capabilities, while leaders from Coinbase, Solana, and Franklin Templeton emphasized the increasing institutional shift toward public blockchain infrastructure as real-world assets begin moving into programmable, transparent markets supported by digital rails.

Sandy Kaul, head of innovation at Franklin Templeton, opined:

We’ve entered a new era where institutions are no longer just experimenting with blockchain—we’re transacting on it in a big way.

• What did J.P. Morgan arrange on the Solana blockchain?
  A U.S. commercial paper issuance for Galaxy Digital Holdings LP.
• Who purchased the on-chain commercial paper?
  Coinbase and Franklin Templeton bought the issued paper.
• How was the transaction settled?
  The deal was settled using USDC stablecoins.
• Why is this issuance considered notable?
  It is among the earliest debt issuances completed on a public blockchain in the U.S.

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