Coinbase Executive: JPMorgan chooses Solana settlement company bonds, deposits moved onto the public chain, 2026 will be the great financial migration

Coinbase Institutional Co-CEO Brett Tejpaul confirmed in a public interview that JPMorgan has moved its US dollar deposit token JPMD onto a public blockchain and has chosen Solana for Galaxy Digital to issue and settle corporate bonds using USDC.
(Background: Major news! The U.S. Clarity Act clarity bill has successfully passed the Senate Banking Committee! Next step: full chamber vote)
(Additional background: In-depth analysis of the CLARITY Act—financial century games old and new wrapped in a regulatory cloak)

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* JPMorgan deposits on the public chain, Solana settles corporate bonds
* The final mile of the Clarity Act, Russia is also pursuing
* Frequently Asked Questions

> 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.

In an interview referenced by Altcoin Daily, Coinbase Institutional Co-CEO Brett Tejpaul lays out what’s happening on Wall Street in under two minutes.

### JPMorgan deposits on the public chain, Solana settles corporate bonds

The first thing Tejpaul revealed is that JPMorgan’s US dollar deposit token JPMD (JP Morgan Deposit) has already been moved onto a public blockchain—this is not a private chain controlled by JPMorgan itself, but an open public chain. Customers can directly transfer JPMorgan deposits to each other on-chain. “Crypto infrastructure can now send a penny anywhere in the world in a second,” he said.

The second thing is that JPMorgan arranged a corporate bond issuance for Galaxy Digital, choosing the Solana blockchain for settlement, with settlement using the stablecoin USDC.

Tejpaul stated it plainly: “In this case, JPMorgan chose Solana, not a chain operated by JPMorgan.” Coinbase itself also bought a portion of this bond issuance, placed it in the treasury, and is responsible for custody. This is one of the earliest examples of securities issuance carried out 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 already decided to migrate its entire global payment system to blockchain. To retain both corporate clients and retail clients, this top 20 global bank is choosing to embrace blockchain proactively rather than being left behind.

Tejpaul used an AWS analogy from Amazon: “When Amazon opens up its own infrastructure to become AWS for external services, we’re doing the same thing.”

Among the world’s top 20 banks, 5 already rely on Coinbase’s infrastructure. His conclusion is that 2026 will be a turning point for financial onboarding onto the blockchain, and the first companies to adopt blockchain will be the long-term winners.

### The final mile of the Clarity Act, Russia is also pursuing

These institutional moves are not happening in a vacuum. On May 14, the U.S. crypto market structure bill, the Clarity Act, passed the Senate Banking Committee with a bipartisan vote of 15-9. Next, it will be submitted to the full chamber for a vote. The bill’s core framework includes: self-custody protections, a DeFi developer safe harbor, a clear division of responsibilities between the SEC and the CFTC, and the ability for tokens—once they are sufficiently decentralized on the network—to “graduate” into being classified as commodities, subject to a lighter regulatory framework from the CFTC.

The significance for prices is not in the bill’s text itself, but in the opening of a new capital pool. Altcoin Daily host Austin Arnold pointed out that financial institutions have been “testing the waters” for years, but the big money has not come in yet—because there has been a lack of regulatory clarity. Once the Clarity Act is completed as legislation, it effectively removes the last remaining barrier for institutional capital to enter.

On the other side, Russian Foreign Minister Lavrov has also recently publicly stated that BRICS countries need to build an independent cross-border settlement system “not controlled by any one party,” and settle in each country’s own currency rather than in USD or EUR. Whether it’s Wall Street proactively embracing public chains or BRICS countries starting their own new initiatives, both are pointing to the same thing: global settlement infrastructure is being rewritten, and blockchain is the underlying layer that both sides are betting on.

### Frequently Asked Questions

What is JPMD, JPMorgan’s token?

JPMD (JP Morgan Deposit) is a US dollar deposit token issued by JPMorgan. It represents customers’ US dollar deposits in JPMorgan accounts. It has already been deployed on a public blockchain, enabling institutional clients to instantly transfer deposits to one another on-chain for second-level global settlement.

What impact will the Clarity Act have on the crypto market after it passes?

The Clarity Act will establish the first formal regulatory framework for the U.S. crypto market, clearly defining the SEC and CFTC’s division of jurisdiction, and allowing sufficiently decentralized tokens to “graduate” as commodities. This is widely seen as removing a key obstacle that would enable institutional funds to enter at large scale.