JPMorgan Issues $50 Million Commercial Paper on Solana in Landmark Blockchain Move
JPMorgan Chase & Co. on Thursday became one of the first major global banks to issue a U.S. commercial paper on a public blockchain, marking a significant step forward in the integration of tokenized assets into traditional finance. The $50 million instrument was issued on behalf of Galaxy Digital Holdings.
Solana Chosen for On-Chain Debt Issuance
According to Reuters, JPMorgan used the Solana blockchain for the transaction—its first time leveraging a public chain for a commercial debt product. The bank created an on-chain U.S. commercial paper (USCP) token, enabling automated issuance and redemption while demonstrating how tokenization and stablecoins can streamline legacy debt markets.
The debt instrument was purchased by Coinbase Global and Franklin Templeton, both of which paid using USD Coin (USDC), the dollar-pegged stablecoin issued by Circle.
Shift From Private Chains to Public Networks
Before this milestone, JPMorgan limited its blockchain activity to private networks, including:
- A municipal bond for the City of Quincy
- A commercial paper issuance for a Singapore-based bank
- Use of its own permissioned Ethereum-based ledger, Quorum
The move to a public chain signals a shift in the bank’s long-standing “blockchain, not Bitcoin” posture. While CEO Jamie Dimon has criticized Bitcoin as a “hyped-up fraud,” JPMorgan has steadily expanded its blockchain operations. As of late 2025, the bank also began allowing institutional clients to use Bitcoin and Ethereum as collateral for loans.
Market Reaction and Industry Response
JPMorgan’s stock traded at $314.97, up 1.49% in the last 24 hours. Retail sentiment on Stocktwits appeared “extremely bullish,” with elevated discussion surrounding the bank’s blockchain move.
Anthony Scaramucci, founder of SkyBridge Capital, praised the development, calling it “good news” and supportive of his bullish thesis on Solana and Avalanche. Scaramucci argued that major banks adopting public chains validates the long-term value proposition of high-performance blockchain networks.
