Overview
- JPMorgan acted as arranger, created the on‑chain USCP token, and executed delivery‑versus‑payment settlement on the Solana network.
- Both issuance and redemption proceeds are paid in Circle’s USDC stablecoin, establishing stablecoin rails for the transaction lifecycle.
- Coinbase participated as an investor and provided private‑key custody, wallet services, and USDC on/off‑ramp infrastructure; Franklin Templeton also invested.
- This marks Galaxy Digital’s first commercial paper issuance, using a public blockchain to tap short‑term funding markets.
- The deal size was reported at $50 million by Reuters, and JPMorgan said it will explore expanding the model to more issuers, investors, and security types in the first half of next year.