The City of Quincy on the outskirts of Boston Massachusetts has issued a $10 million municipal bond using blockchain. JP Morgan was the sole underwriter of the tax-exempt seven year bonds and the issuance used the Onyx private permissioned blockchain.
This isn’t the first time JP Morgan has used distributed ledger technology (DLT) for debt issuance. In 2018 it issued a Yankee certificate of deposit for the National Bank of Canada in parallel on the blockchain.
However, the Quincy issuance marks the formal launch of another application for Onyx Digital Assets, the JP Morgan Digital Debt Service. Existing Onyx tokenization solutions include intraday repo and the Tokenized Collateral Network. Additionally, Onyx has solutions for payments such as JPM Coin Systems and Liink for interbank data sharing.
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