Coinbase Participates in JPMorgan’s Landmark $50M Blockchain Commercial Paper Deal on Solana

In a landmark development at the intersection of traditional finance and digital assets, JPMorgan has executed a $50 million US Commercial Paper issuance for Galaxy Digital on the solana blockchain. This transaction, purchased by major institutional players Coinbase Global and Franklin Templeton, represents a significant validation of blockchain's utility in mainstream capital markets. The deal underscores a growing trend of traditional financial giants leveraging blockchain technology for efficiency, transparency, and settlement finality. Scott Lucas, JPMorgan's head of Markets Digital Assets, has indicated plans to expand such blockchain-based structures in 2024, aiming to attract a broader investor base. This move by JPMorgan, a long-standing skeptic turned pioneer in the space, signals a profound shift in institutional adoption. The choice of Solana as the underlying blockchain highlights its scalability and low-cost advantages for high-throughput financial applications. For Coinbase, participation as a buyer in this deal reinforces its strategic positioning not just as an exchange, but as a key institutional gateway and participant in the digitization of traditional finance. This transaction serves as a concrete example of how blockchain technology is moving beyond speculative assets to revolutionize core financial instruments like commercial paper, potentially unlocking new liquidity and efficiency in global markets. As of December 2025, this pioneering deal is likely viewed as a foundational step in the ongoing convergence of TradFi and DeFi, setting a precedent for future tokenized real-world asset transactions.

JPMorgan Pioneers Blockchain Commercial Paper Deal with Galaxy Digital on Solana

JPMorgan has orchestrated a $50 million US Commercial Paper issuance for Galaxy Digital, executed on the Solana blockchain. The transaction, purchased by Coinbase Global and Franklin Templeton, marks a significant step in traditional finance's adoption of blockchain technology.

Scott Lucas, JPMorgan's head of Markets Digital Assets, revealed plans to expand such structures in 2024, including broader investor participation and security types. The bank created an on-chain USCP token for the deal, with settlements conducted in Circle’s USDC stablecoin.

This MOVE represents Galaxy Digital’s first commercial paper issuance, enhancing its short-term funding options and access to institutional investors. The deal underscores growing institutional interest in blockchain-based capital markets solutions.

Prediction Markets Form Defense Coalition Against Regulatory Pushback

Kalshi, Coinbase, and Crypto.com have launched the Coalition for Prediction Markets to counter state-level regulatory challenges. The group aims to preserve federal oversight by the CFTC, positioning prediction markets as distinct from gambling operations.

Nearly 50% of Americans under 45 use prediction platforms, which now handle $150 billion in annual volume. These markets allow trading on events from elections to sports—a growth sector now facing opposition from casino lobbyists and state gaming regulators.

The AGA’s resistance highlights a clash between legacy gambling operators and emerging financialized prediction platforms. Federal supervision remains the coalition’s cornerstone argument for legitimacy.