JPMorgan Settles First Tokenized Treasury Transaction on Public Blockchain, Using Chainlink, Ondo Finance
JPMorgan Chase has executed its first transaction on a public blockchain, settling a deal involving tokenized U.S. Treasuries on Ondo Finance. This transaction utilized Chainlink to connect private and public networks and is part of JPMorgan's decentralized finance initiative, Kinexys, which aims to integrate traditional finance with DeFi. The total value locked in real-world assets (RWAs) on blockchains has surpassed $12 billion, with significant interest from institutional investors. BlackRock's USD Institutional Digital Liquidity Fund has nearly $3 billion in assets, reflecting a 19% increase in a month. JPMorgan has been exploring distributed-ledger technology since 2019, processing around $2 billion in daily transactions and managing $1.5 trillion in derivatives contracts. The Kinexys platform facilitates near real-time cross-border transactions while reducing costs. Other financial institutions, like Citi, are also expanding their Web3 initiatives.
