PANews reported on December 12th that, according to The Block, Coinbase and Franklin Templeton completed a transaction on the Solana blockchain, purchasing debt tokens from Galaxy Digital. According to an announcement on Thursday, JPMorgan Chase arranged a commercial paper issuance for a subsidiary of Galaxy Digital Holdings, marking "one of the first debt issuances ever executed on a public blockchain." The companies did not disclose the size or terms of the debt issuance.

This marks Galaxy Digital's first issuance of commercial paper in the United States and the debut of its USCP token. The USCP token is a tokenized version of Galaxy Digital's short-term corporate debt, created by JPMorgan Chase on Solana to facilitate this transaction. Proceeds from both the issuance and redemption will be paid using Circle's USDC stablecoin. Coinbase, one of JPMorgan Chase's blockchain partners, provided private key custody and wallet services for the newly issued USCP token and facilitated USDC deposits and withdrawals.