The deal is one of the first to use blockchain for securities issuance and servicing, which JP Morgan called a “global milestone” as traditional finance begins to intersect with the new technology. The debt deal is worth $50 million, according to a person familiar with the matter. Blockchain platforms, such as Solana, which was founded in 2017 and launched its mainnet three years later, have attracted great interest from existing financial institutions due to their high speed and low transaction costs.
The “milestone transaction is an important step toward building the future of finance, demonstrating the institutional adoption of digital assets and our ability to securely bring new instruments on-chain in a complex legal and regulatory environment through Solana,” Scott Lucas, head of Markets Digital Assets at JP Morgan, said in a statement.
Previous issuances on JP Morgan’s private, sanctioned blockchain platform include a municipal securities issuance for the City of Quincy in April 2024 and a U.S. commercial paper issuance for Oversea-Chinese Banking Corporation in August 2025. “In the first half of next year, we plan to build on this momentum by exploring how this structure and JP Morgan’s role in it can be expanded, not only in terms of the investor and issuer base, but also in terms of the kind of effects,” Lucas said. JP Morgan acted as arranger on the deal and created the on-chain USCP token. Both issuance and redemption proceeds are paid in USDC, a stablecoin issued by Circle.
Stablecoins are cryptocurrencies designed to track the value of a real currency, usually the US dollar.
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