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JPMorgan Chase has issued a $50 million commercial paper for Galaxy Digital on the public Solana blockchain, marking the bank’s first use of a public network for tokenized debt issuance. The transaction, completed Thursday, represents a significant departure from JPMorgan’s historical reliance on private, permissioned ledgers.
The move comes as leading financial institutions continue experimenting with public blockchain rails to improve settlement efficiency, reduce operational friction, and broaden market access.
In this case, JPMorgan created an on-chain USCP token to manage issuance and redemption flows, positioning tokenized commercial papers as a growing frontier in digital asset–enabled financing.
The issuance took place on the Solana blockchain, according to Reuters, making it a notable departure from JPMorgan’s long-standing preference for private systems, including Quorum—its Ethereum-based internal ledger.
Historically, the institution has limited blockchain-based debt issuances to permissioned networks, such as a municipal bond for the City of Quincy and a commercial paper for a Singapore-based bank.
By shifting this latest deal to Solana, the bank signaled confidence in using public infrastructure for institutional-grade instruments like tokenized commercial papers.
Coinbase Global and Franklin Templeton reportedly purchased the debt instrument using USD Coin (USDC), demonstrating the operational compatibility between stablecoins and tokenized commercial papers within traditional short-term funding markets.
The use of a public blockchain opens new considerations for transparency, liquidity, and interoperability—factors that could shape how tokenized commercial papers evolve in the broader capital markets landscape.
JPMorgan’s approach toward digital assets has undergone a visible transformation. CEO Jamie Dimon has repeatedly criticized Bitcoin in the past, calling it a “hyped-up fraud,” yet the bank has continued investing heavily in blockchain infrastructure.
By late 2025, JPMorgan had begun allowing institutional clients to use Bitcoin and Ethereum as collateral for loans, a shift that aligns with its expanding experimentation in tokenized commercial papers and other on-chain financial instruments.
The bank’s strategic moves reflect a pragmatic acceptance that blockchain technologies—particularly those enabling tokenized commercial papers—may enhance efficiency in global financing workflows without requiring alignment with cryptocurrencies’ ideological narratives.
The successful execution of the Galaxy Digital issuance reinforces that view, offering a tangible demonstration of how blockchain-based settlement can integrate with existing capital markets.
Meanwhile, retail commentary around JPMorgan remains active. As of Thursday, the bank’s stock traded at $314.97, up 1.49% in the last 24 hours. Sentiment on Stocktwits remained “extremely bullish,” reflecting heightened attention around the bank’s role in advancing tokenized commercial papers and other tokenized asset strategies.
SkyBridge Capital founder Anthony Scaramucci publicly praised the bank’s decision, describing it as positive news for his investment thesis and reinforcing his bullish stance on Solana and Avalanche.
While the comment focused on blockchain ecosystems, it also underscored growing confidence that institutions deploying tokenized commercial papers on public networks will accelerate broader adoption.
The transaction between JPMorgan and Galaxy Digital suggests that institutional interest in tokenized commercial papers is deepening beyond pilot programs and controlled test environments.
The integration of USDC for payment and the use of Solana for settlement highlight how tokenized finance infrastructures are converging across both traditional and crypto-native systems.
