On December 11, JP Morgan organized a US industrial paper issuance on the Solana
$139.19
blockchain, carried out on behalf of Galaxy Digital Holdings LP.
The issuance, value $50 million, marks Galaxy’s first industrial paper providing. JP Morgan served as arranger, crafted the on‑chain US Industrial Paper (USCP) token, and dealt with “supply‑versus‑cost” settlement for the first issuance.
Each issuance and redemption proceeds have been dealt with in USDC
$1.00
stablecoins issued by Circle, a primary for the USCP market.
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Coinbase
$1.76B
International Inc. and Franklin Templeton have been traders within the transaction, which acquired the tokenized quick‑time period debt devices.
This issuance is among the many earliest circumstances within the US the place blockchain is used to concern and handle securities, which JP Morgan described as a “international milestone”.
Galaxy’s affiliate, Galaxy Digital Companions LLC, acted because the structuring agent, which solidified the agency’s entry into on‑chain capital markets.
A number of stakeholders commented on the deal. Scott Lucas, head of markets digital property at JP Morgan, famous that the transaction helps make clear blockchain’s function in future monetary markets and highlights institutional demand for digital‑asset publicity.
Jason City, Galaxy’s international head of buying and selling, mentioned the deal reveals how public blockchains can enhance capital markets by enabling open, programmable infrastructure for institutional merchandise.
Just lately, prediction platform Kalshi began permitting customers to commerce digital variations of its occasion contracts on the Solana blockchain. How does it work? Learn the complete story.
