OCBC Launches $1B Blockchain-Powered US Commercial Paper Program

Singapore's OCBC Bank has launched a US$1 billion digital US commercial paper (USCP) program powered by blockchain technology, marking the first instance of a USCP issuer leveraging blockchain across the entire securities lifecycle, including issuance, settlement, record-keeping, and servicing. This initiative enables near-instantaneous funding by tokenizing securities and funds on-chain, allowing OCBC to receive funds within minutes and enhancing liquidity resilience amid geopolitical uncertainties. The program complements OCBC's existing US$25 billion conventional USCP program and taps into the US$1.4 trillion USCP market as an efficient and cost-effective funding source. JPMorgan's Digital Debt Service application, built on the Kinexys Digital Assets platform, facilitates the program and acts as the sole dealer. The blockchain's immutable and transparent ledger provides real-time data verification, boosting trust, accountability, and regulatory compliance. The first issuance under this program occurred in August 2025, with funds raised used for general funding purposes.