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Galaxy Digital Holdings issued its first-ever commercial paper on December 11, 2025, borrowing $50 million from Coinbase Global and Franklin Templeton in a tokenized transaction on Solana facilitated by J.P. Morgan, the latest sign of Wall Street’s growing embrace of public blockchains for traditional debt instruments.
Galaxy has completed its first commercial paper issuance – executed onchain on @Solana.
Arranged by @JPMorgan, structured by Galaxy, and purchased by @Coinbase and @FTI_US, this transaction is one of the earliest U.S. debt issuances ever completed on a public blockchain.
— Galaxy (@galaxyhq) December 11, 2025
The short-term, unsecured debt, which is structured as USCP tokens on Solana, was purchased with USDC stablecoin. With this, it became one of the earliest public-chain issuances of corporate debt in the U.S. JPMorgan handled the on-chain creation, issuance, and redemption flows, with Coinbase providing custody and Franklin Templeton joining as a lead investor. Proceeds and repayments will flow in USDC, enabling instant settlement without intermediaries. Galaxy, fresh off a $175 million raise in June, plans to use the funds for general corporate purposes like payroll and operations, according to a filing.
Solana’s appeal to institutions like JPMorgan is backed by hard data. DeFiLlama’s chart shows TVL climbing from roughly $8.5 billion at the start of 2025 to $12–13 billion by September. Additionally, transaction counts have remained consistently high and trending sharply upward into Q4.
For a bank that demands high throughput, sub-second deterministic settlement, and minimal fees, Solana now offers the most capable public blockchain available. This USCP issuance marks the clearest signal yet that the network has graduated from crypto-native use cases to real-world institutional finance.
On X (formerly Twitter), the reactions have bordered on bragging and chest thumping affirmations. Zach Humphries described the move as “the migration of global finance — in real time.”
🚨 JPMORGAN JUST WENT DEEPER INTO TOKENIZATION… ON SOLANA. 🚨
Galaxy just issued tokenized debt on Solana, and JPMorgan is backing the move!
Wall Street’s biggest bank is now settling financial products on a public blockchain once known for memecoins and NFTs. This isn’t… pic.twitter.com/5DaAX5VIJO
— Zach Humphries (@ZachHumphries) December 11, 2025
In a reply to Zach’s post, NFT GUYY called it a “hostile takeover of traditional finance infrastructure”. He alluded to Web3’s technology being superior to the tech used by traditional finance institutions.
This is a hostile takeover of traditional finance infrastructure using the superior technology of Web3
— nftguyy (@NFTGUYY) December 11, 2025
The deal highlights Solana’s growing role in institutional finance, with its 65,000 TPS speed and low costs making it suitable for tokenized assets. JPMorgan’s involvement builds on its Onyx platform’s $700 billion in tokenized deposits since 2022, while Coinbase’s custody role is in line with its push for on-chain yields.
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