Galaxy Digital Issues Commercial Paper on Solana via JPMorgan

Galaxy Digital Holdings LP has issued its first U.S. Commercial Paper on the Solana blockchain, which boasts a total value locked of over $10 billion.

J.P. Morgan, the largest bank in the world by market capitalization, acted as an arranger for the deal and created the on-chain USCP token used. The securities were purchased by Coinbase, the largest U.S.-based centralized crypto exchange (CEX), and Franklin Templeton.

Payments for both the initial issuance and the redemption will be made in USDC stablecoins from Circle – USDC is currently the second-largest circulating stablecoin with a market capitalization of $78 billion. Meanwhile, Galaxy Digital Partners LLC, Galaxy’s investment banking affiliate, structured the deal.

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