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JPMorgan has successfully organized one of the first debt issues on a public blockchain, executing a US commercial paper offering for Galaxy Digital Holdings LP on the Solana network.
The deal, announced on December 11, was acquired by Coinbase and Franklin Templeton, and the entire settlement was made with Circle’s USDC stablecoin, something new to the commercial paper market.
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Wall Street no longer tries experiments
This deal represents a significant departure from JPMorgan’s previous blockchain strategy, which relied primarily on its own Onyx network and JPM Coin. By choosing Solana’s public infrastructure, the Wall Street giant has effectively confirmed the network’s ability to handle financial products of institutional quality.
Jason Urban said“This release is a clear example of how public blockchain can improve the way capital markets work,” said Galaxy Head of Global Trading. Sandy Cole, head of innovation at Franklin Templeton, added that organizations are no longer just experimenting with blockchain – they are “engaging with it in a big way”.
JPMorgan served as coordinator, creating the on-chain USCP token and facilitating delivery versus payment (DVP). The DVP model eliminates counterparty risk by ensuring that assets and payments are exchanged at the same time – a critical feature for institutional adoption. Galaxy Digital Partners LLC served as structuring agent, marking Galaxy’s first commercial paper issuance.
Coinbase played a dual role as an investor and infrastructure provider, providing private key custody, wallet services, and USDC input and output capabilities. The collaboration between traditional finance and native crypto companies indicates a mature ecosystem ready for mainstream adoption.
Why Solana and USDC
The selection of Solana reflects its technical advantages: speed, scalability and low transaction costs. The network’s ability to process thousands of transactions per second makes it well suited for corporate operations that require efficiency and reliability. While Ethereum remains prominent in the tokenization landscape, Solana’s cost efficiency positions it for highly redundant and cost-sensitive financial applications.
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Circle’s USDC stablecoin played an equally pivotal role. According to Circle’s official reports, the USDC has enabled value transfers of more than $850 billion worldwide, supporting the instant settlement of compliant financial transactions. Its use as a settlement currency for traditional debt instruments represents a breakthrough in the utility of stablecoins.
Strong financial indicators support the deal
This transaction strengthens Galaxy’s short-term financing capabilities amid strong financial performance. The company reported $629 million in adjusted EBITDA for the third quarter of 2025 – a fourth record. As of June 30, 2025, Galaxy held $2.6 billion in equity and $1.2 billion in cash and stablecoins, making it well positioned to expand blockchain-based funding channels.
sharing JP Morgan It adds great credibility. JPMorgan has $40.1 trillion in assets, $1.11 trillion in deposits, and operations in more than 100 countries. The bank’s approval of public blockchain infrastructure carries significant weight for institutional observers.
Seoul is not affected despite the historic news
Despite the historic nature of the deal, Solana’s native token, SOL, showed limited price reaction. As of December 12, SOL is trading at around $136, down 2.25% in the past week. The token briefly reached above $145 on December 9-10 before retreating to current levels.
This silent response may reflect the nature of the market of the future – it has long been expected to adopt institutions. Broader market conditions and rising earnings following recent earnings may also overshadow the positive news.
