According to a report by Reuters, JP Morgan reportedly issued a $50 million U.S. commercial paper for Galaxy Digital Holdings.
- This marks 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 this this, JP Morgan used blockchain-based issuances on its private network.
JP Morgan (JPM) on Thursday reportedly used a public blockchain for the first time to issue a $50 million U.S commercial paper for Galaxy Digital Holdings (GLXY).
According to Reuters, the global fintech giant said that it had used the Solana (SOL) blockchain for the issuance of the short-term debt instrument. Coinbase Global (COIN) and Franklin Templeton (BEN) reportedly bought the debt instrument and paid for it with USD Coin (USDC), a stablecoin issued by Circle (CRCL).
JP Morgan, who set up the deal, made an on-chain USCP token for it. The blockchain handles both issuance and redemption flows, a use case for the ease of use of stablecoins and tokenized assets in traditional debt markets.
JPM’s stock was trading at $314.97, up 1.49% in the last 24 hours. On Stocktwits, retail sentiment around JPM continued to be in the ‘extremely bullish’ territory amid ‘extremely high’ levels of chatter over the past day.
J.P. Morgan Shifts Toward Public Blockchains
Prior this this, JP Morgan used blockchain-based issuances on its private network, such as a municipal bond for the City of Quincy and a similar commercial paper for a Singapore-based bank.
In the past, the bank was careful about decentralized infrastructure. Instead, it built its own Ethereum (ETH)-based private ledger called Quorum and started projects such as the Liink to make it easier for banks to share data safely.
These efforts indicated that JP Morgan was early on in its "blockchain, not Bitcoin" stance, which favored institutional control and regulatory protections over public, permissionless crypto systems.
In 2023, CEO Jamie Dimon publicly called Bitcoin a "hyped-up fraud," but at the same time, the bank was putting millions of dollars into its own blockchain infrastructure. As of late 2025, Dimon said that the bank will let institutional clients use Bitcoin (BTC) and Ethereum (ETH) as collateral for loans.
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