- Chainlink’s CRE enabled the first atomic cross-chain DvP transaction with Kinexys and Ondo.
- Tokenized RWA market surpassed $23B in 2025 led by private credit and US Treasury debt.
- Ondo’s OUSG fund holds $692M+ TVL across Solana, Ethereum, Polygon and XRP Ledger.
Chainlink, in partnership with Kinexys by JPMorgan and Ondo Finance, has successfully completed the first cross-chain Delivery versus Payment (DvP) transaction. The test was a settlement between Kinexys Digital Payments, a permissioned blockchain payment network run by JPMorgan and Ondo Chain public testnet, with the Chainlink Runtime Environment (CRE) coordinating the settlement procedure.
The transaction is seen as a milestone toward integrating traditional finance (TradFi) with decentralized finance (DeFi) through the use of blockchain infrastructure. The transaction involved OUSG, a tokenized short-term US Treasuries fund issued by Ondo. Through CRE, the settlement facilitated the simultaneous exchange of OUSG and fiat payment.
Chainlink’s solution allowed instructions to pass securely between the two blockchain environments, ensuring that both payment and asset transfer occurred atomically, which reduces counterparty and settlement risk for all parties involved.
Chainlink CRE Powers Cross-Chain Settlement Innovation
The Chainlink Runtime Environment, launched at SmartCon 2024, is designed to serve as a highly configurable, offchain compute layer. It allows for seamless connecting and orchestrating across public blockchains, private ledgers, and traditional finance. In this test, CRE managed its end-to-end DvP workflow by monitoring escrow events on Ondo Chain, engaging Kinexys Digital Payments to receive payment instructions, and ensuring that both the asset and payment transfers were completed simultaneously.
Chainlink said in its official release, “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.” CRE’s flexibility allows financial institutions to implement automated, verifiable workflows with near real-time finality, providing an efficient solution for tokenized asset settlements.
Rapid Growth of the Tokenized Asset Market
The successful test comes amid a surge in the tokenized real-world asset (RWA) market. Binance Research estimates the industry exceeded $23 billion in the first half of 2025 a 260% increase from $8.6 billion at the beginning of the year. US Treasury debt occupies 34% of the RWA market, yielding to tokenized private credit, which comprises 58% of the total value.
The OUSG by Ondo has become a major fund on networks such as Solana, Ethereum, Polygon, and the XRP Ledger, with more than $692 million in total value locked. The partnership with Kinexys expands settlement to other chains besides private chains and offers a scalable model for future cross-chain DvP transactions.
