We advised J.P. Morgan on structuring the issuance of U.S. commercial paper on a major blockchain

Davis Polk provided structuring advice to J.P. Morgan in connection with the issuance of U.S. commercial paper (USCP) on Solana, which culminated in an issuance of USCP on Solana by Galaxy Digital Holdings LP, an affiliate of Galaxy Inc. The issuance is one of the earliest debt issuances ever executed on a public blockchain, and among the first in the U.S. to harness blockchain for the issuance and servicing of securities, marking a significant milestone for financial markets globally. J.P. Morgan acted as arranger, created the on-chain USCP token and facilitated the delivery-versus-payment settlement of the primary issuance. Both the issuance and redemption proceeds will be paid in USDC stablecoins issued by Circle, representing another market first for the USCP market.

J.P. Morgan’s Commercial & Investment Bank is a global leader in banking, payments, markets and securities services. Start-ups, companies, governments and institutions entrust us with their business in more than 100 countries worldwide. With $40.1 trillion of assets under custody and $1.11 trillion in deposits, the Commercial & Investment Bank provides strategic advice, raises capital, manages risk, offers payment solutions, safeguards assets and extends liquidity in global markets.

The Davis Polk capital markets team included partners Hillary A. Coleman and Byron B. Rooney and associates Dennis Chu and Joshua L. Bi. Counsel Erika D. White provided finance advice. Partner Zachary J. Zweihorn and associate Boaz B. Goldwater provided financial institutions advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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