Overview
- Coinbase and Franklin Templeton purchased Galaxy Digital’s tokenized commercial paper issued on the Solana public blockchain.
- J.P. Morgan acted as arranger, created the on‑chain USCP token, and executed delivery‑versus‑payment settlement with proceeds in USDC.
- The transaction was reported at about $50 million, according to Reuters citing a person familiar with the matter.
- The deal is among the earliest U.S. debt issuances executed and serviced on a public chain, following J.P. Morgan’s prior work on permissioned ledgers.
- Galaxy said this was its first commercial paper offering, and Coinbase also provided custody and wallet services for the token.