JPMorgan Settles OUSG Tokenized U.S. Treasuries on Public Blockchain via Chainlink

JPMorgan Chase has executed its first transaction on a public blockchain, settling tokenized U.S. Treasuries using its Kinexys platform, which connected to Ondo Finance’s public blockchain via Chainlink’s technology. The transaction involved Ondo Finance’s Short-Term U.S. Government Treasuries Fund (OUSG), a tokenized short-term US debt fund, demonstrating the capabilities of Ondo Chain for scaling real-world asset tokenization. The collaboration between Chainlink, Kinexys by JPMorgan, and Ondo Finance facilitated a cross-chain Delivery versus Payment (DvP) transaction. This utilized Chainlink’s cross-chain infrastructure to connect Kinexys’ private blockchain with Ondo Finance’s public Ondo Chain, enabling the settlement of OUSG. The successful test showcases how blockchain can automate DvP, reducing settlement risks and enhancing transaction efficiency. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant