JPMorgan Executes First Transaction on Public Blockchain, A Step Toward DeFi Integration
JPMorgan Chase has completed its first-ever transaction on a public blockchain, underscoring the banking giant’s growing commitment to Web3 and decentralized finance (DeFi).
The transaction, conducted on Wednesday, involved tokenized U.S. Treasuries via Ondo Finance and used Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to bridge private and public blockchain networks, according to a joint statement. The milestone forms part of JPMorgan’s broader Kinexys initiative, a decentralized finance platform designed to integrate traditional finance with blockchain infrastructure.
JPMorgan’s move marks the first instance of a major global bank linking its core payment systems to a public blockchain. Given JPMorgan’s globally scaled payments infrastructure, this sets a strong precedent for the future of blockchain-powered finance.
The initiative comes amid growing institutional interest in tokenized real-world assets. According to DeFi Llama, over $12 billion in RWAs are currently locked across more than 80 DeFi platforms. BlackRock’s USD Institutional Digital Liquidity Fund alone holds nearly $3 billion, up 19% over the past month, according to rwa.xyz.
JPMorgan’s foray into blockchain technology began in 2019 with the launch of its private blockchain, JPM Coin—later rebranded as Kinexys. Today, Kinexys handles about $2 billion in daily transactions and manages around $1.5 trillion in derivatives contracts.
The platform is designed to enable near real-time, around-the-clock cross-border settlements while reducing costs for financial institutions and developers.
JPMorgan is one of several major banks entering the Web3 space. Earlier this month, Citi announced a partnership with SDX to tokenize shares of private companies for high-net-worth investors.
