In a groundbreaking move for the financial sector, Ondo Finance has partnered with Chainlink and JPMorgan to execute a cross-chain Delivery versus Payment (DvP) transaction on the Ondo Chain. This milestone not only showcases the potential of blockchain technology but also signifies JPMorgan's inaugural settled deal on a public blockchain. The report highlights positive developments indicating that this collaboration could pave the way for more innovative financial solutions in the future.
Real-Time Settlement of Tokenized US Treasuries
The transaction facilitated the real-time settlement of tokenized US Treasuries, a significant advancement in the integration of traditional finance with blockchain capabilities. Payments were processed through the Kinexys Digital Payments network, streamlining the transaction process and reducing the time typically required for such settlements.
Elimination of Counterparty Risk
By leveraging this innovative approach, the collaboration effectively eliminates counterparty risk, a common concern in financial transactions. This development is expected to enhance the overall efficiency of financial operations, paving the way for more institutions to explore blockchain solutions in their payment systems.
Recently, JPMorgan announced the deployment of its US dollar deposit token, JPM Coin, onto the Canton Network, marking a significant advancement in digital finance. This initiative contrasts with Ondo Finance's recent collaboration with JPMorgan and Chainlink for cross-chain transactions. For more details, see JPM Coin Launch.
