JPMorgan Makes Blockchain History with $50 Million Debt Issuance
One of the first significant international banks to deploy a public blockchain was JPMorgan Chase & Co. on Thursday. Using this technology, the bank issued a $50 million U.S. commercial paper for Galaxy Digital Holdings. The Solana blockchain was utilized for the issuance by the New York-based bank, according to Reuters.
The debt instrument was allegedly bought by Coinbase Global and Franklin Templeton using USD Coin, a stablecoin created by Circle. A USCP on-chain token was developed by JPMorgan for the commercial paper. The potential of stablecoins and tokenized assets in conventional debt markets is demonstrated by this token, which controls both the issuance and redemption flows.
JPMorgan Rewrites Its Blockchain Playbook with Public Network Adoption
Prior to this, JPMorgan only deployed blockchain-based issuances on its private network. Among these were commercial paper for a bank with headquarters in Singapore and a municipal bond for the City of Quincy. Previously, the bank preferred Quorum, its own Ethereum-based ledger. This preference matched other private blockchain projects as well as its more general “blockchain, not Bitcoin” stance.
JPMorgan’s Growing Crypto Integration Signals a Major Industry Shift
Despite CEO Jamie Dimon’s prior criticism of Bitcoin as an exaggerated scam, the bank has persisted in making consistent investments in blockchain technology. It had extended its services for digital assets by the end of 2025. The bank now permits institutional customers to borrow money using Ethereum and Bitcoin as security. Anthony Scaramucci, the founder of SkyBridge Capital, applauded JPMorgan’s action and said it supported his investing thesis. He claimed that the move validates his optimistic outlook for Solana and Avalanche.
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