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Cryptoprowl / J.P. Morgan (NYSE: $JPM ) and Galaxy Digital Holdings LP (NASDAQ: $GLXY ) announced a significant milestone today, successfully arranging a U.S. Commercial Paper (USCP) issuance for Galaxy Digital on the Solana (CRYPTO: $SOL ) public blockchain. The debt instrument, tokenized by J.P. Morgan, was purchased by major institutional investors, including Coinbase and Franklin Templeton, with settlement occurring in Circle's (NYSE: $CRCL ) USDC (CRYPTO: $USDC ) stablecoin.

The transaction, estimated at $50 million according to sources familiar with the deal, is among the first debt issuances executed on a public blockchain and marks one of the earliest instances in the U.S. where blockchain technology has been used for the full lifecycle of securities issuance and servicing. J.P. Morgan acted as the arranger and created the on-chain USCP token, facilitating the delivery-versus-payment settlement of the primary issuance.

This deal signals a pivotal shift, as J.P. Morgan had previously relied on its private, permissioned blockchain, Quorum, for similar digital asset experiments. The choice of the public Solana network—known for its high speed and low transaction costs—demonstrates a growing institutional comfort with open blockchain infrastructure.

Scott Lucas, Head of Markets Digital Assets at J.P. Morgan, stated the transaction is "an important step toward understanding the role blockchain will play in the future of financial markets," demonstrating "institutional appetite for digital assets and our capability to securely bring new instruments on-chain using Solana."

For Galaxy Digital, this is its inaugural commercial paper issuance. The on-chain format is expected to strengthen its short-term funding capabilities and open access to a new base of institutional investors interested in blockchain-based money-market instruments. Galaxy's investment banking affiliate served as the structuring agent for the transaction.

Coinbase (NASDAQ: $COIN ) provided critical private-key custody and wallet services for the newly issued token, along with on/off ramp services for the USDC payment, highlighting the collaboration required to bridge traditional finance with the digital asset economy.