JPMorgan uses public blockchain to issue $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 a $50 million U.S. commercial paper for Galaxy Digital Holdings.

According to Reuters, the New York-based bank used the Solana (SOL) blockchain for the issuance.

Coinbase Global and Franklin Templeton reportedly purchased the debt instrument, paying with USD Coin, a stablecoin issued by Circle. JPMorgan created an on-chain USCP token for the commercial paper, which manages both issuance and redemption flows, showcasing the potential of stablecoins and tokenized assets in traditional debt markets.

Prior to this, JPMorgan had used blockchain-based issuances only on its private network, including a municipal bond for the City of Quincy and commercial paper for a Singapore-based bank. Historically, the bank favored its own Ethereum-based ledger, Quorum, and other private blockchain initiatives, reflecting its “blockchain, not Bitcoin” approach.

While CEO Jamie Dimon has previously criticized Bitcoin as a “hyped-up fraud,” the bank has steadily invested in blockchain infrastructure and, as of late 2025, allows institutional clients to use Bitcoin and Ethereum as collateral for loans.

JPMorgan’s stock was trading at $314.97, up 1.49% in the last 24 hours, with retail sentiment on Stocktwits remaining “extremely bullish” amid high chatter.

SkyBridge Capital founder Anthony Scaramucci praised JPMorgan’s move, calling it “good news” for his investment thesis and supportive of his bullish stance on Solana and Avalanche.