This transaction was purchased by Coinbase and Franklin Templeton. It is among the earliest debt issuances executed on a public blockchain in the United States.
By leveraging blockchain, the deal represents a milestone. It shows how traditional financial markets can integrate secure, programmable infrastructure. The issuance and redemption proceeds were settled in USDC stablecoins issued by Circle. This marks another first for the commercial paper market.
Blockchain Meets Short-Term Financing
The issuance provides Galaxy with its first on-chain commercial paper, strengthening short-term funding capabilities while giving institutional investors direct exposure to blockchain-based money-market instruments. J.P. Morgan acted as Arranger, creating the on-chain USCP token and facilitating delivery-versus-payment settlement. Galaxy Digital Partners LLC structured the transaction, and both Coinbase and Franklin Templeton participated as primary investors.
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
Scott Lucas, Head of Markets Digital Assets at J.P. Morgan, emphasized the significance: the transaction demonstrates strong institutional appetite for digital assets and illustrates how blockchain can securely bring new financial instruments on-chain. Jason Urban, Global Head of Trading at Galaxy, echoed this, noting that the deal validates the firm’s model of open, programmable infrastructure. It will supports institutional-grade products.
J.P. Morgan arranged onchain debt issuance for @galaxyhq on Solana, supported by Coinbase’s Crypto-as-a-Service platform.
Very cool – this is one of the first debt issuances on a public blockchain. https://t.co/wHBQg4qvls
— Brian Armstrong (@brian_armstrong) December 11, 2025
This milestone highlights a broader trend: institutional finance is increasingly transacting on public blockchains. Franklin Templeton’s Sandy Kaul pointed out that such deals accelerate the industry toward a more open and efficient financial ecosystem. Solana Foundation’s Nick Ducoff emphasized the importance of high-performance blockchain architecture. So, it enables trust and speed for large-scale institutional transactions. Coinbase Institutional co-CEO Brett Tejpaul added that providing custody, wallet services, and USDC on/off ramps is not only an investment in digital assets. But, a way to actively build the rails for real-world finance on-chain.
More About Tokenization
Tokenization remains one of the fastest-growing sectors in crypto. It is transforming real-world assets into digital tokens that can be traded, lent, or used in decentralized finance. Over the past 12 months, the total value of tokenized real-world assets (RWA) has surged from $4.5 billion to $18.4 billion..
Tokenization continues to be one of the fastest-growing crypto sectors.
In the past 12 months alone, the total RWA value went from $4.5b to $18.4b.
The only question that remains is what’s the best way to bet on this sector. pic.twitter.com/PBynzQk7WD
— The DeFi Investor 🔎 (@TheDeFinvestor) December 12, 2025
So, as more assets, from bonds to real estate, enter the blockchain ecosystem, the challenge now is identifying the best strategies to gain exposure. Investors are weighing options like direct token purchases, yield-bearing RWA platforms, or diversified funds that track multiple tokenized assets. Each with different risk and reward profiles.
Disclaimer
The information provided by Altcoin Buzz is not financial advice. It is intended solely for educational, entertainment, and informational purposes. Any opinions or strategies shared are those of the writer/reviewers, and their risk tolerance may differ from yours. We are not liable for any losses you may incur from investments related to the information given. Bitcoin and other cryptocurrencies are high-risk assets; therefore, conduct thorough due diligence. Copyright Altcoin Buzz Pte Ltd.
