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Chainlink, JPMorgan and Ondo Finance Enable Crosschain Treasury Settlement Breakthrough
- A recent test case facilitated the exchange of tokenized U.S. Treasurys for payment between two distinct blockchain systems, a public and a permissioned one.
- The transaction marked a significant advancement in real-world asset (RWA) settlement, utilizing a delivery versus payment (DvP) process.
- JPMorgan's Kinexys Digital Payments network was connected with Ondo Chain's public testnet, leveraging Ondo's tokenized treasury product, OUSG.
- Chainlink played a crucial role in enabling this cross-chain settlement by deploying its Cross-Chain Interoperability Protocol and offchain compute system, Chainlink Runtime Environment (CRE).
- The Chainlink technology ensured instant, secure, and verifiable execution of the transaction, bridging the gap between private and public networks.
- The growing demand for cross-chain financial infrastructure is evident as public blockchains now hold over $23 billion in tokenized real-world assets.
- Tools like Chainlink's CCIP and CRE are becoming vital for facilitating seamless interoperability across different blockchain networks.
- Financial institutions are acknowledging the efficiency and transparency benefits of DeFi rails and are transitioning towards tokenized liquidity and interoperable financial networks.
- The successful test signifies the convergence of traditional finance (TradFi) and decentralized finance (DeFi), transforming theoretical concepts into scalable, operational systems.
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