Chainlink, JPMorgan's Kinexys, and Ondo Finance have completed a "first-of-its-kind" cross-chain delivery versus payment (DvP) settlement, connecting a permissioned payment network and a public testnet.
Chainlink announced on Thursday that this test involved JPMorgan's permissioned network Kinexys Digital Payments and Ondo Chain, which focuses on the tokenization of real-world assets (RWA).
The settlement process was coordinated through Chainlink's Runtime Environment (CRE), an off-chain computing layer designed for interoperable financial systems. The core of the transaction was Ondo's tokenized U.S. Treasury fund OUSG, exchanged for payments via the Kinexys platform.
This initiative comes at a time when traditional finance (TradFi) and decentralized finance (DeFi) are increasingly merging. The total value of tokenized RWAs on public blockchains has surpassed $23 billion, with growing demand for cross-chain settlements.
The recent DvP test involved the exchange of OUSG and simultaneous fiat currency payments through Kinexys Digital Payments.
CRE is responsible for coordinating workflows, verifying custody events on the Ondo Chain, initiating payment instructions through Kinexys, and coordinating final settlements. Notably, only transaction instructions are passed between networks.
This successful transaction marks the first executed trade on the Ondo Chain testnet, signifying the expansion of Kinexys' settlement capabilities from private chains to a broader domain.
Chainlink stated, "CRE is highly configurable and can be used for settling different types of DvP transactions, including single-chain and multi-chain DvP transactions, supporting complex financial activities while reducing counterparty and settlement risks."
According to a report shared by Binance Research and Cointelegraph, the RWA market is expected to grow by over 260% in the first half of 2025, with a total valuation exceeding $23 billion. At the beginning of the year, this figure was $8.6 billion.
Tokenized private credit leads the RWA market surge, accounting for about 58% of the market share, followed by tokenized U.S. Treasuries at 34%.
New players are also entering the market. On June 5, pan-European asset management company APS purchased tokenized bonds worth €3 million (approximately $3.4 million), linked to two residential properties in Italy listed on MetaWealth.
Related: Alchemy Pay partners with Backed to expand access to tokenized ETFs and stocks
Original article: “Chainlink, JPMorgan, and Ondo Finance Complete 'First-of-Its-Kind' Cross-Chain Settlement”
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