JPMorgan creates Solana-based USCP token to facilitate ‘landmark’ Galaxy debt offering

JPMorgan arranged a landmark commercial paper offering for a Galaxy Digital subsidiary, marking one of the first debt issuances executed on a public blockchain, specifically Solana. This transaction debuted the USCP token, a tokenized version of Galaxy's short-term corporate debt created by JPMorgan to streamline the process. Both issuance and redemption proceeds will utilize Circle's USDC stablecoin. Coinbase is providing private-key custody and wallet services for the USCP token. JPMorgan noted this demonstrates institutional appetite for digital assets and their capability to bring new instruments on-chain. Galaxy Digital views this on-chain format as strengthening its short-term funding and opening access to institutional investors using blockchain-based instruments. This experiment follows other recent tokenization efforts by institutions in capital markets.

(Source：The Block)