JPMorgan’s test of cross-chain DvP settlement used Chainlink’s Runtime Environment to exchange tokenized U.S. Treasurys for fiat between Kinexys and the Ondo Chain testnet

Event date

June 12, 2025

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The test involved Kinexys Digital Payments, a permissioned network operated by JPMorgan and Ondo Chain’s testnet, which is focused on real-world asset (RWA) tokenization, Chainlink said in a Thursday announcement.

The transaction between the Ondo testnet and Kinexys Digital Payments (KDP), a permissioned network of blockchain deposit accounts for payment settlement, occurred in the Chainlink Runtime Environment (CRE), an off-chain layer that orchestrates activity between public or private blockchains and existing TradFi systems. It was the first use of Kinexys on a public blockchain.

The transaction involved an exchange of tokenized U.S. Treasury bonds for fiat payment, settled simultaneously through a delivery-versus-payment mechanism. The process was managed via Kinexys, JPMorgan’s digital payments platform, and the Ondo Chain testnet, built to handle real-world assets within decentralized environments.

Chainlink has passed a milestone collaboration with Kinexys and Ondo Finance at JPMorgan, making the first-ever crosschain delivery-versus-payment (DvP) settlement between a privately operated payments network and a public blockchain. The transaction involved tokenized U.S. Treasurys and marks a significant step forward in decentralized financial infrastructure.

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Week 24 of 2025