OCBC has unveiled a groundbreaking $1 billion digital US commercial paper (USCP) programme, leveraging blockchain technology to facilitate near-instantaneous short-term US dollar funding. This innovative approach allows OCBC to receive funds within minutes, thanks to tokenised securities and on-chain funds. The programme marks OCBC as the first USCP issuer globally to utilise blockchain throughout the entire lifecycle of securities, thereby reducing reliance on traditional infrastructure and intermediaries.
The initiative is a significant step in OCBC’s strategy to bolster liquidity resilience amidst a volatile geopolitical and macroeconomic environment. By tapping into the expansive $1.4t USCP market, OCBC aims to quickly raise USD, complementing its existing $25b conventional USCP programme. The blockchain-based system also enhances transparency and trust, as all parties involved can view and verify transaction data in real-time.
J.P. Morgan’s Digital Debt Service application, part of its Kinexys Digital Assets platform, will support OCBC’s digital USCP programme, with J.P. Morgan acting as the sole dealer. The first tokenised issuance under this programme occurred on 20 August 2025, with six-month maturity notes issued to an accredited institutional investor.
Kenneth Lai, OCBC’s Head of Global Markets, highlighted the bank’s focus on commercialisation within Singapore’s rapidly advancing blockchain ecosystem. “Our new digital USCP programme will deepen investor engagement and sharpen our global capital markets profile,” he stated. Scott Lucas from J.P. Morgan added, “Our partnership with OCBC in support of developing both their access to the US market and their digital agenda is aligned to our commitment of offering innovative liquidity solutions.”
The digital USCP programme has received top credit ratings of P-1 from Moody’s and F1+ from Fitch, underscoring its financial robustness. This development follows OCBC’s previous successes with blockchain applications for repo transactions, further strengthening its liquidity management capabilities.
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