JPMorgan, Chainlink, and Ondo Finance Complete First Atomic Cross-Chain DvP Transaction for Tokenized Assets
In a groundbreaking move for decentralized finance (DeFi) and real-world assets (RWA), Kinexys – JPMorgan’s blockchain unit, Chainlink, and Ondo Finance have jointly completed the first atomic cross-chain DvP (Delivery versus Payment) transaction on the Ondo Chain testnet. This milestone marks deeper integration between traditional payment infrastructure and public blockchain platforms.
First Transaction on Ondo Chain Paves the Way for Tokenized Assets
This pioneering transaction involved the settlement of Ondo Finance’s tokenized United States Treasury Funds (OUSG) via Kinexys’ permissioned Digital Payments Network. Chainlink, as the orchestrator, deployed the Cross-Chain Runtime Environment (CCIP) to ensure atomic and fully secure transfers. This was also the first use of Ondo Chain – a layer-one blockchain designed specifically for the expansion of real-world asset tokenization at the institutional level.
DvP – From traditional finance risk to secure blockchain solution
The traditional DvP model, which is prone to delays and settlement risks due to system fragmentation, has been modernized through blockchain. Atomic cross-chain transactions ensure that two parties exchange assets and make payments simultaneously and irreversibly, thereby minimizing counterparty risk and increasing transparency.
According to statistics from participating partners, payment and settlement failures have cost the global market more than $914 billion in losses over the past decade. The application of blockchain solutions to automate this process promises to be the key to solving the backlog of efficiency and security in financial payments.
Leaders appreciate this milestone cooperation
Nelli Zaltsman, Head of Platform Payment Solutions at Kinexys, affirmed the importance of linking institutional payment systems with public blockchains, opening up the possibility of widespread interoperability in the future. Sergey Nazarov, co-founder of Chainlink, called it a "strategic milestone in the integration of traditional finance and DeFi", while Ondo Finance CEO Nathan Allman said the transaction was "a powerful statement about the future of finance".
Breaking performance and future vision
Since its launch, Kinexys has processed over $1.5 trillion in notional value, with an average daily trading volume of $2 billion - a 10x increase compared to the same period last year. The results of this pilot transaction are expected to open up a series of new applications of cross-chain DvP, aiming at cross-border liquidity solutions, while meeting increasingly stringent regulatory requirements in the industry.
Blockchain - The new infrastructure of global finance
The cooperation between three big names has demonstrated the increasingly wide application potential of blockchain technology in the traditional financial sector. The integration of public and private networks, along with the ability to comply and scale effectively, is bringing the world closer to a modern, transparent and more flexible financial ecosystem than ever before.