JPMorgan Completes First Public Trade Of Tokenized Treasuries

JPMorgan's JPM blockchain division, Kinexys, on Wednesday announced it has executed its first public transaction involving tokenized U.S. Treasury bonds on the Ondo Chain ONDO/USD, marking a step forward in blockchain-based financial settlement.

WHat Happened: The transaction used Ondo Finance's tokenized U.S. Treasuries Fund (OUSG) and was settled using Chainlink's LINK/USD cross-chain infrastructure.

It represents the first public use of JPMorgan's Kinexys Digital Payments platform to trade a tokenized asset on a public ledger.

The cross-chain transaction followed a Delivery versus Payment (DvP) model, exchanging the tokenized asset on the Ondo Chain with payment settlement processed on JPMorgan's Kinexys permissioned blockchain.

Chainlink's offchain computing system, the Chainlink Runtime Environment (CRE), coordinated the atomic execution between the two networks.

The trade was conducted on the Ondo Chain testnet, a public Layer 1 chain developed for real-world asset tokenization.

According to the firms involved, this marks Kinexys’ first public integration beyond private blockchains and the first transaction ever settled on the Ondo Chain.

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Why It Matters: Unlike traditional settlement systems that rely on fragmented infrastructure and manual processes, this cross-chain setup allowed for simultaneous exchange of the asset and payment, aiming to reduce counterparty risk and improve settlement efficiency.

JPMorgan’s Kinexys unit claims to process more than $2 billion in transactions daily and has facilitated over $1.5 trillion in notional value since inception.

Chainlink's infrastructure enabled coordination of the settlement without needing trusted intermediaries, a feature the firm said is vital for enabling compliant, institutional-grade cross-chain activity.

Ondo Finance CEO Nathan Allman described the test as a step toward scaling blockchain settlement for real-world financial assets.

The firms said the test established groundwork for future DvP transactions across both public and permissioned networks, with broader use cases expected in cross-border payments and tokenized asset markets.

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