Quincy, along with its CFO, has innovatively combined municipal bond issuance with blockchain technology, a unique approach within local government finance. In Spring 2024, the city executed a municipal bond on JPMorgan’s Onyx blockchain platform. Recently, BlackRock’s iShares Short Maturity Municipal Bond Active ETF purchased 65% of a $10 million bond, which translates to $6. 5 million, at varying tax-exempt rates over seven years, starting with a yield of 3. 67% and ending at 3. 04%. CFO Mason emphasized that this transaction not only validates the use of blockchain in public debt issuance but also sets a new standard for efficiency in local government operations. The features of blockchain can enhance trading, liquidity, and transparency, which Mason advocates as essential for finance leaders to explore, regardless of his reservations about cryptocurrency. Mason noted that using blockchain makes the entire issuance process transparent and ensures that all essential documentation is permanently recorded, which facilitates secondary market trading akin to stocks or corporate bonds.

Unlike traditional municipal bonds that trade infrequently, bonds issued via blockchain allow more active trading, thereby increasing liquidity and reducing holding risks. Highlighting the bond's performance, Mason mentioned that it is trading at 112% of its original value, a promising statistic for bond holders. He reassured that this blockchain process didn't incur additional costs or negatively affect interest rates but did require meticulous diligence. Mason believes that merging traditional financial practices with modern technology is compelling, and despite existing skepticism linking blockchain to cryptocurrency, he sees vast potential in its scalability and efficacy in municipal finance. He emphasized that blockchain can enhance data consistency and transparency in reporting, marking this as just the beginning of a transformative trend in public debt management.