Chainlink, JPMorgan’s blockchain unit Kinexys, and Ondo Finance have completed the first cross-chain Delivery versus Payment (DvP) transaction on Ondo Chain’s testnet, integrating traditional bank payment rails with tokenized asset markets.
First Cross-Chain DvP
The transaction, according to the release sent to Bitcoin.com News, settled Ondo Finance’s tokenized U.S. Treasuries Fund (OUSG) using JPMorgan’s permissioned Kinexys Digital Payments network, with Chainlink’s Runtime Environment orchestrating atomic cross-chain transfers. This marks the debut use case for Ondo Chain, a new layer one (L1) blockchain designed to scale institutional-grade real-world asset tokenization by merging public blockchain accessibility with permissioned-network security.
DvP settlements, which ensure simultaneous exchange of assets and payments, are prone to delays and risks in traditional finance due to fragmented systems. Blockchain-based solutions automate workflows, reduce counterparty risk, and enhance transparency. The partners estimate payment and settlement failures have cost markets over $914 billion in the past decade, underscoring the need for efficient alternatives.
Nelli Zaltsman, Kinexys’ Head of Platform Settlement Solutions, emphasized the collaboration’s role in bridging institutional payments with public blockchains. Chainlink co-founder Sergey Nazarov highlighted the transaction as a milestone in merging traditional and decentralized finance, while Ondo CEO Nathan Allman called it a “statement about the future of finance.”
Kinexys has processed over $1.5 trillion in notional value since launch, averaging $2 billion daily, with payment transactions growing tenfold year-over-year. The testnet success paves the way for advanced DvP use cases, aiming to address cross-border regulatory and liquidity challenges.
The collaboration signals the growing institutional adoption of blockchain infrastructure to modernize asset settlements, combining compliance, scalability, and interoperability across public and private networks.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
