According to a Reuters report, JP Morgan has issued a $50 million US commercial paper for Galaxy Digital Holdings.
- This is the first use of a public blockchain, specifically the Solana blockchain, by JP Morgan.
- It used the Solana blockchain for the issuance of the short-term debt instrument.
- Prior to this, JP Morgan used blockchain-based issuance on its private network.
JP Morgan (JPM) reportedly used a public blockchain for the first time on Thursday to issue a $50 million US commercial paper for Galaxy Digital Holdings (GLXY).
According to Reuters, the global fintech giant said it used the Solana (SOL) blockchain for the issuance of the short-term debt instrument. Coinbase Global (COIN) and Franklin Templeton (BEN) reportedly purchased the debt security and paid for it with USD Coin (USDC), a stablecoin issued by Circle (CRCL).
JP Morgan, who made the deal, created an on-chain USCP token for it. Blockchain manages both issuance and redemption flows, a use case for the ease of use of stablecoins and tokenized assets in traditional debt markets.
JPM stock was trading at $314.97, up 1.49% in the last 24 hours. On Stocktwits, retail sentiment around JPM remained in “extremely bullish” territory, amid “extremely high” levels of chatter over the past day.
JP Morgan turns to public blockchains
Previously, JP Morgan used blockchain-based issuances on its private network, such as a municipal bond for the city of Quincy and similar commercial paper for a Singapore-based bank.
In the past, the bank was wary of decentralized infrastructure. Instead, it built its own private ledger based on Ethereum (ETH), called Quorum, and launched projects such as Liink to make it easier for banks to share data securely.
These efforts indicate that JP Morgan adopted its “blockchain, not Bitcoin” stance early on, which favored institutional control and regulatory protections over public and permissionless crypto systems.
In 2023, CEO Jamie Dimon publicly called Bitcoin a “fad fraud,” but at the same time the bank was investing millions of dollars in its own blockchain infrastructure. By the end of 2025, Dimon said the bank would allow institutional clients to use Bitcoin (BTC) and Ethereum (ETH) as collateral for their loans.
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