J.P. Morgan arranges landmark U.S. Commercial Paper issuance on Solana blockchain for Galaxy Digital Holdings LP. The transaction, completed on behalf of Galaxy, which also acted as the structurer, marks one of the first debt issuances ever executed on a public blockchain. Coinbase was the lead investor, alongside Franklin Templeton.

J.P. Morgan has arranged a landmark U.S. commercial paper (USCP) issuance for Galaxy Digital Holdings LP on the Solana public blockchain, in a transaction purchased by Coinbase and Franklin Templeton. J.P. Morgan acted as arranger, created an on-chain USCP token, and facilitated delivery-versus-payment (DvP) settlement, with both issuance and redemption proceeds conducted in USDC stablecoins issued by Circle. According to J.P. Morgan’s announcement, this deal is one of the earliest debt issuances executed on a public blockchain, and among the first in the U.S. to use blockchain for both issuance and servicing of securities, rather than a closed, permissioned network. The transaction reportedly involved around $50 million of short-term debt for Galaxy Digital, marking Galaxy’s first commercial paper issuance and giving it a new, tokenized channel for short-term funding and liquidity management. The on-chain format is intended to broaden access to institutional investors that are starting to incorporate blockchain-based money market instruments into their portfolios, while testing how public networks like Solana can support institutional-grade fixed-income operations. For the broader market, the deal is viewed as a notable real‑world asset (RWA) tokenization milestone, bringing together a major global bank (J.P. Morgan), a crypto-native financial firm (Galaxy), a leading U.S. exchange and custodian (Coinbase), and a large traditional asset manager (Franklin Templeton) on a public blockchain rather than a private ledger. Using USDC for both issuance and redemption cash flows showcases how stablecoins can be integrated into traditional capital markets workflows, while Solana’s role highlights growing institutional experimentation with high-throughput public chains for securities issuance and settlement. "entities":["J.P. Morgan","JPMorgan Chase & Co.","Galaxy Digital Holdings LP","Galaxy Inc.","Galaxy Digital Partners LLC","Solana","Solana blockchain","Coinbase Global Inc.","Coinbase","Franklin Templeton","Circle","USDC","U.S. Commercial Paper (USCP)","commercial paper","real-world asset (RWA) tokenization"]}`'} ✅ I’ll thoroughly research this JPMorgan–Galaxy Digital–Solana commercial paper issuance and produce: A clear 2–3 paragraph background brief on what happened, key context, and why it matters. A list of key entities involved (projects, companies, tokens, people). I’ll stay neutral, avoid hype or investment language, and base everything on verifiable sources. Let me gather the details now.

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• Galaxy Digital
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