JP Morgan successfully completed one of the first public blockchain-based debt issuances, issuing Commercial Paper in the US market to Galaxy Digital Holdings LP on the Solana network.
This transaction, announced on December 11, 2024, was acquired by Coinbase and Franklin Templeton, with the entire payment process conducted using Circle 's USDC stablecoin – marking the first time this method has been used in the commercial paper market.
Wall Street is no longer experimenting.
This agreement shows that JP Morgan has shifted its blockchain strategy , which previously relied solely on its private Onyx network and JPM Coin. The move to a public infrastructure like Solana has helped the Wall Street giant affirm Solana 's ability to handle financial products at the institutional level.
“This transaction is a prime example of how public blockchain can improve how Capital markets operate,” said Jason Urban , Global Head of Trading at Galaxy. Sandy Kaul, Head of Innovation at Franklin Templeton, Chia that large institutions are now going beyond simply experimenting with blockchain and are “actually trading on a large scale.”
JP Morgan Vai as the contract arranger, creating the USCP Token on the blockchain and executing delivery-versus-payment (DVP) directly on the platform. The DVP method mitigates counterparty risk by ensuring asset security and simultaneous payment transfers – a key factor in reassuring institutional participation. Galaxy Digital Partners LLC acted as the structural entity, marking Galaxy's first commercial paper release.
Coinbase plays a dual Vai , acting as both an investor and an infrastructure provider offering private-key storage, wallets, and support for USDC inflow and outflow transactions. This collaboration between traditional financial institutions and crypto businesses demonstrates the industry's readiness for blockchain adoption.
Why Solana and USDC?
Solana was chosen for its superior technical advantages such as high processing speed, scalability, and low transaction costs. The network's ability to process thousands of transactions per second makes it well-suited for large-scale operations requiring efficiency and reliability. Although Ethereum still dominates the Tokenize field, Solana low cost makes it ideal for financial applications requiring fast, high-frequency processing.
Circle 's USDC stablecoin also plays an equally important Vai . According to Circle's report, USDC has facilitated the transfer of over $850 billion globally, providing instant and legally compliant payment solutions for financial transactions. The use of USDC as a unit of payment for traditional debt instruments is also a new step forward in the potential applications of this stablecoin.
Strong finances support the deal.
This transaction helps Galaxy boost its short-term Capital amid strong business results. In Q3 2025, the company reported adjusted EBITDA of $629 million – a record high. As of June 30, 2025, Galaxy held $2.6 billion in equity and $1.2 billion in cash and stablecoins, creating a good foundation for expanding its Capital channels through blockchain.
JP Morgan's involvement adds significant credibility to this deal. JP Morgan currently manages $40.1 trillion in custodial assets, $1.11 trillion in deposits, and operates in over 100 countries. JP Morgan's choice to utilize a public blockchain infrastructure also draws greater attention from institutional observers to this sector.
SOL remains stable despite historical news.
Despite this significant milestone, the price of the SOL Token on Solana has reacted rather modestly. As of December 12, 2024, SOL is trading around $136, down 2.25% from a week earlier. The Token had surged above $145 on December 9-10, 2024, before returning to its current level.
Source: BeInCryptoThis slow reaction may be due to the market's prior expectation that large organizations would gradually adopt blockchain. Additionally, general market conditions and profit-taking after the recent rally have also prevented this positive news from truly boosting the Token price.
