JPMorgan Tests Blockchain Settlement on Public Network with Tokenized Treasuries

JPMorgan has quietly taken a step toward public blockchain integration by settling a tokenized U.S. Treasury transaction outside its private infrastructure for the first time.

Using its Kinexys payment network, the bank executed the pilot on Ondo Chain’s testnet in collaboration with Chainlink and Ondo Finance.

The deal used a Delivery versus Payment model, syncing cash and asset movement to minimize settlement risk.

The transaction involved Ondo’s blockchain-based Treasury fund (OUSG) and marked a rare moment of interoperability between JPMorgan’s permissioned system and a public chain.

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Chainlink’s technology handled the cross-network coordination, ensuring real-time settlement across both platforms.

Though JPMorgan has explored blockchain before, this public-facing trial signals a broader shift. Despite political tailwinds and rising crypto enthusiasm, the bank insists this move is part of a longer-term strategy — not a reaction to market sentiment.

Alexander Stefanov