Overview
- Coinbase and Franklin Templeton purchased the securities, with Coinbase also providing custody and USDC on/off-ramp services.
- J.P. Morgan acted as arranger, created the on-chain USCP token, and facilitated delivery-versus-payment settlement.
- Both issuance and redemption proceeds are set to be paid in USDC, the dollar-pegged stablecoin issued by Circle.
- The deal size is reported at $50 million, according to a source cited by Reuters.
- This was Galaxy’s first commercial paper issuance, and J.P. Morgan says it plans to expand the model to more issuers, investors and security types in the first half of next year.