JPMorgan Moves Deposits Onto Public Blockchains, Uses Solana to Settle Corporate Debt

JPMorgan has primarily used its private Kinexys blockchain for institutional payments, while JPMD represents US dollar deposits that clients hold at the bank. Bringing deposit tokens and debt securities onto public blockchains such as Base and Solana signals that major banks are beginning to test round-the-clock payments, issuance and delivery-versus-payment settlement. The shift will help determine whether traditional financial infrastructure can migrate to programmable networks.

On November 12, 2025, JPMorgan made JPMD on Base available to institutional clients. On December 11, it issued $50 million of commercial paper for Galaxy Digital on Solana, subscribed to by Coinbase and Franklin Templeton and settled in USDC. On May 14, 2026, the CLARITY Act cleared the Senate Banking Committee by a 15–9 vote. A Coinbase executive disclosed further developments on May 19.