JPMORGAN LEVERAGES PUBLIC BLOCKCHAIN TO DELIVER $50M COMMERCIAL PAPER FOR GALAXY DIGITAL
JPMorgan Chase & Co. on Thursday became one of the first major global banks to use a public blockchain to issue $50 million in U.S. commercial paper for Galaxy Digital Holdings—marking a significant step forward in integrating blockchain technology into traditional finance.
Solana and Ethereum Glow Like Bitcoin Eyes at $70,000
According to Reuters, the New York–based banking giant chose the Solana blockchain for the transaction. Coinbase Global and Franklin Templeton reportedly bought the commercial paper and paid for it in USD Coin (USDC), a stablecoin issued by Circle.
To support the deal, JPMorgan created an on-chain USCP token, designed to manage both the issuance and redemption of the commercial paper. The move demonstrates how stablecoins and tokenized assets could modernize traditional debt markets, streamlining processes that typically involve multiple intermediaries.
A Shift From Private Blockchains to Public Networks
Until now, JPMorgan had limited blockchain-based issuances to its private networks, including:
A municipal bond for the City of Quincy
Commercial paper issued for a Singapore-based bank
The bank has long relied on its own Ethereum-based ledger, Quorum, along with other private blockchain solutions. This strategy aligned with its earlier “blockchain, not Bitcoin” stance—adopting decentralization tools while distancing itself from open crypto networks.
Despite CEO Jamie Dimon’s past criticism of Bitcoin as a “hyped-up fraud,” the bank’s actions tell a different story. JPMorgan has continued to expand its blockchain infrastructure and, as of late 2025, now allows institutional clients to use Bitcoin and Ethereum as collateral for certain lending products.
Market Reaction and Industry Response
JPMorgan’s stock traded at $314.97, up 1.49% in the last 24 hours. Retail sentiment on Stocktwits remained “extremely bullish,” with elevated discussion surrounding the bank’s technology shift.
SkyBridge Capital founder Anthony Scaramucci welcomed the development, calling JPMorgan’s blockchain move “good news” for his investment outlook. He said the development further supports his bullish thesis on Solana and Avalanche, two networks he believes will benefit from institutional blockchain adoption.
Conclusion
JPMorgan’s decision to issue $50 million in commercial paper on the Solana blockchain marks a turning point for how major financial institutions interact with public blockchain networks. Moving beyond private, permissioned systems signals growing confidence in open, fast, and scalable chains like Solana. Despite past skepticism toward cryptocurrencies, JPMorgan continues to expand its blockchain footprint, showing that tokenized assets, stablecoins, and public networks are increasingly becoming part of mainstream financial infrastructure. With strong market reactions and industry endorsements, this move may accelerate further adoption across the global banking sector.
- What did JPMorgan issue on the public blockchain?
JPMorgan issued a $50 million U.S. commercial paper for Galaxy Digital on the Solana blockchain.
2. Which blockchain was used for the transaction?
The issuance took place on the Solana blockchain.
3. How was the commercial paper purchased?
Coinbase Global and Franklin Templeton bought the debt instrument using USD Coin (USDC).
4. Why is this move significant for traditional finance?
It shows how tokenized assets and stablecoins can streamline traditional debt markets and enhance settlement efficiency.
5. How did market participants react?
JPMorgan’s stock rose, retail sentiment remained bullish, and analysts like Anthony Scaramucci praised the move as positive for blockchain adoption.
