Coinbase Executive: JPMorgan Chooses Solana to Settle Corporate Bonds and Move Deposits onto Public Chains, 2026 Is the Great Financial Migration

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Coinbase Institutional co-CEO Brett Tejpaul confirmed in a public interview that JPMorgan has moved its USD deposit token JPMD onto a public blockchain, and chose Solana for Galaxy Digital's corporate bond issuance, settled in USDC. (Previous context: Major news! The US Clarity Act successfully passed the Senate Banking Committee! Next step is the full Senate vote) (Background: In-depth analysis of the CLARITY Act: a new-vs-old financial century power struggle dressed in regulatory clothing) Others say everything will be tokenized, and you're still waiting for it to happen. I'm telling you, it's happening, right now at this very moment. Coinbase Institutional co-CEO Brett Tejpaul, in an interview cited by Altcoin Daily, laid out what's happening on Wall Street in under two minutes. The first thing Tejpaul revealed is that JPMorgan's USD deposit token JPMD (JP Morgan Deposit) has been moved onto a public blockchain — not a private chain controlled by JPMorgan itself, but an open public chain. Clients can directly transfer JPMorgan deposits to one another on-chain. "Crypto infrastructure can now send a penny to anywhere in the world in one second," he said. The second thing: JPMorgan arranged a corporate bond issuance for Galaxy Digital, with Solana chosen as the blockchain and USDC as the settlement stablecoin. Tejpaul stated outright: "JPMorgan in this case chose Solana, a chain not operated by JPMorgan." Coinbase itself also purchased a portion of these bonds, placed them in its treasury, and handles custody. This is one of the earliest cases of securities issuance executed on a public blockchain in the United States. He also disclosed an unnamed case: one of the world's top five payment service providers has decided to migrate its entire global payment system onto blockchain. To retain enterprise and retail clients, this top-20 global bank chose to proactively embrace it rather than be eliminated. Tejpaul drew an analogy to Amazon's AWS: "When Amazon opened up its own infrastructure as AWS for external services, we're doing the same thing." Of the world's top 20 banks, 5 already rely on Coinbase's infrastructure. His conclusion is clear: 2026 will be the turning point for finance moving on-chain, and enterprises that adopt blockchain earliest will be the long-term winners. These institutional moves are not happening in a vacuum. On May 14, the US crypto market structure bill, the Clarity Act, passed the Senate Banking Committee with a bipartisan 15-9 vote, and will next be sent for a full Senate vote. The core framework of the bill includes: self-custody protections, a safe harbor for DeFi developers, clear division of labor between the SEC and CFTC, and the ability for tokens to "graduate" to commodities once their networks are sufficiently decentralized — falling under the CFTC's lighter regulatory framework. The significance for prices lies not in the text itself, but in the fact that it opens up new capital pools. Altcoin Daily host Austin Arnold noted that financial institutions have been "testing the waters" for years, but the real big money hasn't come in yet — due to a lack of regulatory clarity. Once the Clarity Act becomes law, it will effectively remove the last entry barrier for institutional capital. On another front, Russian Foreign Minister Lavrov also recently stated publicly that BRICS nations need to establish an independent cross-border settlement system "not controlled by any single party," settling in national currencies rather than the dollar or euro. Whether it's Wall Street proactively embracing public chains or BRICS nations building their own alternative, both point to the same thing: global settlement infrastructure is being rewritten, and blockchain is the underlying layer both sides are betting on. What is JPMorgan's JPMD token? JPMD (JP Morgan Deposit) is a USD deposit token issued by JPMorgan, representing clients' USD deposits in JPMorgan accounts. It has been deployed on a public blockchain, allowing institutional clients to instantly transfer deposits to one another on-chain, achieving second-level global settlement. What impact will the Clarity Act have on the crypto market after passage? The Clarity Act will establish the first formal regulatory framework for the US crypto market, clarifying jurisdictional division between the SEC and CFTC, and allowing sufficiently decentralized tokens to "graduate" to commodities. This is seen as removing the key barrier that will enable large-scale institutional capital to enter the market.

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