Chainlink, JP Morgan, Ondo Settle First Crosschain DvP
Chainlink, JPMorgan’s Kinexys and Ondo Finance completed a “first-of-its-kind” crosschain delivery versus payment (DvP) settlement between a permissioned payment network and a public testnet.
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 settlement was coordinated using Chainlink’s Runtime Environment (CRE), an offchain compute layer designed for interoperable financial systems. At the center of the transaction was OUSG, Ondo’s tokenized US Treasurys fund, which was exchanged for payment via Kinexys’ platform.
The move comes as TradFi and decentralized finance (DeFi) increasingly converge. With over $23 billion in tokenized RWAs now live on public blockchains, the need for crosschain settlements grows.
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How was the settlement executed?
The recent DvP test involved the exchange of OUSG and a simultaneous fiat payment through Kinexys Digital Payments.
CRE orchestrated the workflow, verified escrow events on Ondo Chain, initiated payment instructions via Kinexys and coordinated the final settlement. Notably, only transaction instructions crossed between networks.
The successful transaction is the first to be executed on the Ondo Chain testnet and represents an expansion of Kinexys’ settlement capabilities beyond private chains.
“CRE is highly configurable and can be used to settle different types of DvP transactions of varying complexity, including single-chain and multichain DvP transactions, enabling complex financial activity with reduced counterparty and settlement risk,” Chainlink said.
Related: Franklin Templeton launches ‘intraday yield’ for tokenized assets on Benji
RWA market surges 260%
In the first half of 2025, the RWA market surged more than 260%, surpassing $23 billion in total valuation. It was $8.6 billion at the beginning of the year, according to a Binance Research report shared with Cointelegraph.
Tokenized private credit led the RWA market boom, accounting for about 58% of the market share, followed by tokenized US Treasury debt, which accounted for 34%.
New players also continue to enter the market. On June 5, Pan-European fund manager APS purchased 3 million euros ($3.4 million) in tokenized bonds tied to two Italian residential properties listed on MetaWealth.
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