Wall Street banking giant JPMorgan (NYSE: JPM) has announced the execution of its first transaction settlement outside its private system in partnership with cryptocurrency entities Chainlink (LINK) and Ondo.
The pilot transaction, conducted through its Kinexys Digital Payments platform, involved tokenized U.S. Treasuries and was settled on Ondo Chain’s testnet, according to a May 14 press release.
This transaction marks the debut of a Delivery versus Payment (DvP) model, which synchronizes payment and asset transfers to reduce counterparty risk and settlement delays.
The deal utilized Kinexys, JPMorgan’s blockchain division, to handle the payment leg, while the asset side consisted of Ondo Finance’s tokenized short-term Treasury fund (OUSG). These blockchain-based treasuries are designed to offer exposure to U.S. government debt with the benefits of real-time, transparent settlement.
Kinexys, which reportedly processes over $2 billion in daily transaction volume,
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