JPMorgan has issued a tokenized commercial paper instrument for Galaxy Digital on the Solana network. The USCP token marks one of the first corporate debt issuances executed on a public blockchain. Coinbase and Franklin Templeton purchased the new instrument, and all issuance and redemption activity will settle in USDC.

JPMorgan Issues Galaxy’s Tokenized USCP on Solana

JPMorgan arranged the issuance through a Galaxy Digital subsidiary. The bank said the event serves as an early example of how public chains may carry short-term debt instruments at scale. Scott Lucas, Head of Markets Digital Assets at JPMorgan, said the move shows “institutional appetite for digital assets” and the firm’s ability to bring new tools on-chain.

The size and maturity terms of the issuance were not disclosed. The USCP token represents Galaxy’s short-term corporate debt and is structured for use on Solana. Both issuance and redemption flows will be paid using USDC, which the firms noted as a market first for this type of debt.

Galaxy stated the format supports new funding paths and provides access to investors using blockchain-based money market tools. The company has worked on other on-chain instruments in the past, including tokenized representations of its equity on Solana.

Institutional Activity Accelerates Across the Solana Ecosystem

Coinbase is providing wallet services and private-key custody for the USCP token. The exchange will also support the on- and off-ramp process for USDC tied to the transaction. Franklin Templeton joined as a buyer, and the asset manager remains active in tokenizing debt instruments across public networks.

Jason Urban, Global Head of Trading at Galaxy, said the event shows how public chains can support “open, programmable infrastructure” for financial products. JPMorgan noted that demand for digital asset exposure has grown as more institutions explore tokenized markets. Solana Foundation members said the network’s architecture can support advanced financial tools without losing speed

Recent activity includes Kalshi’s tokenized prediction markets and other institutional projects. Data from SoSoValue shows rising institutional use of Solana, including growth in Solana ETFs. The issuance coincides with global interest in new debt formats. Banks in Asia, Europe, and the U.S. have tested on-chain bonds and commercial paper. JPMorgan said the model may support future settlement systems as tokenized assets expand.

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