JPMorgan Chase has completed its first transaction on a public blockchain by settling tokenized U. S. Treasuries through its Kinexys platform, which connected to Ondo Finance's public blockchain using Chainlink's technology. The deal involved Ondo Finance's Short-Term U. S. Government Treasuries Fund (OUSG), a tokenized fund of short-term U. S.

government debt, showcasing Ondo Chain’s ability to scale real-world asset tokenization. The partnership among Chainlink, JPMorgan’s Kinexys, and Ondo Finance enabled a cross-chain Delivery versus Payment (DvP) transaction. Chainlink’s cross-chain infrastructure linked Kinexys' private blockchain with Ondo Finance's public Ondo Chain, facilitating the settlement of OUSG. This successful test demonstrates how blockchain can automate DvP, thereby lowering settlement risks and improving transaction efficiency. OUSG serves as a digital representation of government debt and is utilized in crypto markets for yield generation and liquidity management. This milestone underscores the convergence of traditional finance and decentralized finance, as leading financial institutions like JPMorgan adopt blockchain technologies for asset management and settlement processes.