Chainlink, JPMorgan, Ondo Finance complete crosschain treasury settlement
The test involved Kinexys Digital Payments, a permissioned network operated by JPMorgan and Ondo Chain's testnet, which is focused on real-world asset (RWA) tokenization, Chainlink said in a Thursday announcement.
The settlement was coordinated using Chainlink's Runtime Environment (CRE), an offchain compute layer designed for interoperable financial systems. At the center of the transaction was OUSG, Ondo's tokenized US Treasurys fund, which was exchanged for payment via Kinexys' platform.
The move comes as TradFi and decentralized finance (DeFi) increasingly converge. With over $23 billion in tokenized RWAs now live on public blockchains, the need for crosschain settlements grows. How was the settlement executed?
The recent DvP test involved the exchange of OUSG and a simultaneous fiat payment through Kinexys Digital Payments.
RE orchestrated the workflow, verified escrow events on Ondo Chain, initiated payment instructions via Kinexys and coordinated the final settlement. Notably, only transaction instructions crossed between networks.
The successful transaction is the first to be executed on the Ondo Chain testnet and represents an expansion of Kinexys' settlement capabilities beyond private chains.
'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,' Chainlink said. RWA market surges 260%
In the first half of 2025, the RWA market surged more than 260%, surpassing $23 billion in total valuation. It was $8.6 billion at the beginning of the year, according to a Binance Research report shared with Cointelegraph.
Tokenized private credit led the RWA market boom, accounting for about 58% of the market share, followed by tokenized US Treasury debt, which accounted for 34%.
New players also continue to enter the market. On June 5, Pan-European fund manager APS purchased 3 million euros ($3.4 million) in tokenized bonds tied to two Italian residential properties listed on MetaWealth.
Source: https://cointelegraph.com/news/chainlink-jp-morgan-ondo-crosschain-dvp-settlement
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
19 minutes ago
- The National
Air India to end flights between Delhi and Washington
Air India will stop commercial flights between New Delhi and Washington, the company said on Monday, citing a "combination of operational factors". The airline, owned by India's Tata Group, cited a looming shortage of planes and Pakistan's decision to close airspace as the main reasons for the cancellation of flights to and from the US capital. "The airline commenced retrofitting 26 of its Boeing 787-8 aircraft last month," read a press release from India's flagship airline. "This extensive retrofit programme, aimed at significantly enhancing customer experience, necessitates a prolonged unavailability of multiple aircraft at any given time until at least end of 2026." Pakistan's closure of airspace affected logistics planning, "leading to longer flight routings and increased operational complexity", Air India said. Since April, Indian airlines have faced longer international flights and higher fuel costs as they have been forced to reroute their aircraft since Pakistan closed its airspace to its neighbouring country amid tension over a deadly terrorist attack in Kashmir, the control of which each nation claims. Air India said passengers who have already booked on to flights now cancelled will be contacted and offered alternative arrangements. When contacted by The National, customer service representatives for the airline said they had not been notified of the development and were therefore unable to make alternative arrangements for passengers, though they warned they would probably soon be updated by their management. According to Air India's website, the company employs more than 30,000 people and operates at least 300 aircraft, with 55 domestic and 48 international destinations. In June, Air India Flight AI 171 crashed shortly after taking off from Ahmedabad Airport, in Gujarat, north-west India, killing 241 people on board plus a number of people on the ground. Only one person, a passenger, survived. Though still under investigation, a 15-page preliminary report by India's Aircraft Accident Investigation Bureau suggested the plane's fuel control switches were turned off, cutting fuel to the engines and causing a loss of thrust shortly after take-off.
Zawya
2 hours ago
- Zawya
Bold Sports seeks strategic partners for on-ground coverage of major global sporting events
Following its widely acclaimed digital coverage of the 2024 Women's Africa Cup of Nations (WAFCON) and the 2025 FIBA Women's AfroBasket, Nigeria's fast-rising sports media platform Bold Sports ( is now seeking strategic partners to support its on-ground reporting at four major international sporting competitions between late 2025 and 2026. These include: 2025 AFCON – Morocco (December 21, 2025 – January 18, 2026) 2026 FIFA World Cup – USA, Mexico&Canada (June 11 – July 19, 2026) 2026 Commonwealth Games – Glasgow, Scotland (23 July to 2 August 2026) 2026 FIBA Women's Basketball World Cup – Berlin, Germany (September 4 – 13, 2026) While Bold Sports was not physically present at 2024 WAFCON and the 2025 Women's AfroBasket in Morocco and Ivory Coast respectively, its digital coverage set it apart, delivering a proudly Nigerian, fan-first experience across platforms complete with match previews, player features, live watch-alongs, vibrant commentary, and behind-the-scenes narratives that resonated with local fans as Nigeria's Super Falcons claimed the title for the 10th time and D'Tigress won their fifth straight title. The results underscored its rising influence: Now, Bold Sports is ready to go even further by being physically present at the upcoming tournaments. This shift to on-site coverage will enable real-time storytelling, richer content, and exclusive access to Team Nigeria and fans, providing a more immersive experience for its growing audience. More importantly, Bold Sports believes it has a national responsibility to tell Nigerian stories on the global stage — up close, with nuance, and with pride. 'We've already proven what we can do from home. But these next competitions are different — they're massive, and our athletes need us there,' CEO and Editor-in-Chief of Bold Sports, Tosin Oluwalowo said. 'The Super Eagles, D'Tigress, our Commonwealth athletes – Nigerians care deeply about these teams. They want to see them, hear from them, feel what they're feeling. We're ready to be there to deliver that. And we're calling on the right partners to make it happen.' The recent historic triumph of D'Tigress at the 2025 FIBA Women's Afrobasket where they became the first African team to win five straight titles has only deepened this emotional connection. Nigerians are eager to follow the team's journey to Berlin 2026, to show support, and to witness them make more history. 'It's not just about the games,' Bold Sports COO and Managing Editor Kelvin Ekerete said. 'Nigerians want to know what their athletes are going through in camp. They want to see the tears, the celebrations, the setbacks, and the triumphs. Being there lets us bring all that home – and that's what we intend to do.' Bold Sports is now in conversations with corporate sponsors, institutions, media brands, and philanthropic partners to support each event individually. Partnership opportunities include travel logistics, branded digital shows, athlete features, tech and equipment support, and fan activations – all with strong brand visibility and access to a growing, engaged Nigerian sports audience. 'We want partners who believe in the value of Nigerian stories,' Oluwalowo added. 'From the pitches of Morocco to the courts of Berlin, this is our time to show up – and with the right support, Bold Sports will be there to capture it all.' Distributed by APO Group on behalf of Bold Sports. For sponsorship and partnership inquiries: admin@ Call or WhatsApp: +234 704 793 3646 Socials: Instagram: Facebook: X: TikTok: About Bold Sports: Bold Sports, published by Bold Media Innovations&Creative Hub Limited, is Nigeria's leading digital sports media platform, providing high-quality, data-driven coverage of Nigerian athletes at home and abroad. Through video, storytelling, and real-time engagement, Bold Sports connects a passionate community of fans with the moments that matter — from grassroots to global competitions. With a bold, multimedia-first approach, we celebrate Nigeria's sporting excellence and foster national pride across generations and geographies. Motto: Boldly Nigerian. Passionately Sporty.
Zawya
4 hours ago
- Zawya
The airline industry's dirty secret: Clean jet fuel failures
In 2019, Scott Kirby, the chief executive of United Airlines, hailed its new contract with green jet fuel producer World Energy as an example for the aviation industry to follow in its drive to cut emissions. Six years later, that collaboration is dead. Boston-based World Energy was one of the first companies in the world to produce commercial quantities of sustainable aviation fuel (SAF), a type of renewable fuel made from sources such as used cooking oil, agricultural residues and other waste. Its Paramount refinery near downtown Los Angeles had been a rare success story, supplying millions of gallons of SAF a year to airlines such as United Airlines and fellow U.S. carrier JetBlue Airways. The plant, which began operations in 2016, was central to the carriers' pledges to help the airline industry switch to a blend of 10% SAF by the end of this decade. But the refinery quietly ceased operations in April. And World Energy's plans for a second plant in Houston have stalled amid a lack of commitment from the industry, according to Chief Executive Gene Gebolys. "Some airlines were engaged in a pretty disingenuous effort to put out press releases" overstating their commitment to SAF projects, Gebolys said, without naming any companies. "People sometimes said too much in the past and did too little." Still, Gebolys acknowledged that some airlines have made a genuine effort to support SAF producers, while governments also needed to step up with stronger incentives to drive progress. The termination of United's fuel purchase contract with World Energy - and the closure of the Paramount refinery - have not previously been reported. United Airlines said it ended its relationship with World Energy "a few years ago", without providing a reason. A JetBlue spokesperson said World Energy has been a "valued partner" since 2020 and it will continue working with the company. World Energy's struggles mirror the plight of dozens of clean fuel startups, according to a Reuters review of the sector. Nearly 20 years after the first commercial flight powered partly by biofuels made the short hop from London to Amsterdam, Reuters found that the airline industry's plans to go green before regulators start penalising them are little more than a pipe dream. NO CLEAR PATHWAY The International Air Transport Association (IATA), a global body that represents 340 airlines, forecasts SAF will account for 0.7% of total jet fuel this year, up from 0.3% in 2024. Air passenger traffic, meanwhile, is expected to rise 6% this year, IATA says. IATA has set a goal of net zero emissions by 2050, a target that would require airlines to ramp up SAF use to 118 billion gallons annually, a more than 300-fold increase from current production. Airline industry leaders point to a wave of new SAF initiatives they say will spark a boom similar to the rapid rise of electric vehicles and solar energy. However, the aviation sector has yet to publish a comprehensive roadmap or a transparent database of upcoming SAF projects that would allow regulators and the public to assess the credibility of these projections. To scrutinise the industry's claims, Reuters built its own database of airline SAF initiatives - offering the most comprehensive view yet of the sector's faltering green progress and revealing that the industry has no clear pathway to hitting net zero targets. While airlines have announced 165 SAF projects over the past 12 years, only 36 have materialised, Reuters found. Among those, Reuters uncovered problems at three of the largest - including World Energy - that exemplify the systemic challenges plaguing the SAF sector. Of the remaining projects, 23 have been abandoned, 27 are delayed or on indefinite hold, 31 have yet to produce any fuel, and 4 are SAF credit deals, where no physical fuel is delivered. For the other 44 projects, Reuters was unable to find any public updates since their initial announcements. If all the pending projects announced by airlines reached their maximum potential, it would only add 12 billion gallons of SAF production, the Reuters analysis found. That's about 10% of what's needed to hit the net zero target. Airlines pin the problems on the oil industry, saying it isn't producing enough fuel. "These guys are the cause of the problem, and they've got to start playing their part," said Willie Walsh, director of IATA, the global airline lobby, and a former chief executive of British Airways and its parent International Airlines Group . At the moment, SAF costs three to five times more than jet fuel and some oil company executives argue that there is limited demand from airlines at current prices. "I'd like there to be a shortage. I actually see an overcapacity," Bernard Pinatel, the head of downstream and marketing and services at TotalEnergies, told a press briefing in June. PARAMOUNT 'RESET' The Paramount refinery, which used cooking oil and animal fat from a local abattoir to make fuel, repeatedly stumbled in its efforts to expand and all 35 employees were laid off in April, two sources with direct knowledge of the matter said. The future of the plant is uncertain, the two people said, after World Energy's partner, Air Products, withdrew from the project in February, citing challenging commercial conditions tied to the expansion and operations. Air Products, a U.S. industrial gases and chemicals company, had been slated to lead a $2 billion expansion of the site. World Energy CEO Gebolys said Paramount's closure was a "reset" because the refurbishment was over budget and behind schedule. He said it would come back online, without giving a time frame. He declined to comment about the layoffs. According to more than a dozen people directly involved in the sector, airlines play minimal roles in the execution of projects and, in most cases, their only commitment is to buy SAF when their partners produce it. What's more, airlines are making bold projections about SAF use and emissions reductions based on unproven technologies or early-stage projects run by startups with no experience of commercial production, Reuters found. Of the 36 projects that have produced any SAF, all but one rely on the Hydroprocessed Esters and Fatty Acids (HEFA) process to convert waste oils, fats and grease into jet fuel. HEFA was the technology used at Paramount. However, HEFA plants are severely constrained by the limited availability of suitable raw materials and cannot meet the industry's long-term fuel demands, three industry specialists said. IATA chief economist and sustainability executive Marie Owens Thomsen disputed the idea airlines only play a minimal role, saying they were striking SAF purchase agreements and investing in new technologies, supporting early-stage innovation and collaborating with research institutions. She also said alternative ways of making SAF needed to be developed alongside HEFA, as this process alone would not be sufficient to produce enough fuel to hit net zero by 2050. 'EXERCISE IN FUTILITY' Aviation accounts for 2.5% of global emissions of planet-warming gases such as carbon dioxide. This figure is expected to rise as air traffic more than doubles from 2019 levels by 2050 and fuel use rises 59%, according to environmental advocacy group Transport & Environment (T&E). By painting a picture of imminent breakthroughs and success in producing SAF at scale, airlines can bolster their green credentials while deflecting pressure for more disruptive interventions, such as stricter emissions caps or higher carbon taxes, the group said. "This is first and foremost about justifying never-ending growth and pretending that you can do that without heating the planet more and more - which you cannot do," said Almuth Ernsting, a campaigner with advocacy group Biofuelwatch. Failing to find a solution could prove costly. Under new EU rules, airlines face escalating mandates to use SAF on flights departing from EU airports. The mandate starts with at least 2% of their fuel in 2025, climbing to 6% by 2030, and eventually hitting 70% by 2050. European SAF mandates are expected to cost airlines $2.9 billion in additional fuel purchases and compliance expenses this year, according to IATA estimates. The return to power of U.S. President Donald Trump could further hamper the industry's green transition. Trump has pledged to roll back many incentives his predecessor, Joe Biden, offered to SAF and other green energy projects. As projects flounder in the United States, the U.S. airline industry has pinned hopes on a new SAF bonanza in Panama. It's already hitting the skids, Reuters found. SGP BioEnergy, headquartered in New York, pledged in 2022 to build the world's largest SAF facility, in collaboration with the government of Panama. The plant is to make green fuel from industrial hemp oil and used cooking oil. Due to start this year, production has been pushed back to 2027. SGP BioEnergy Chief Executive Randy Letang said the delay was largely due to airlines showing less interest in backing SAF projects than in the past. Panama's energy secretary did not respond to a request for comment. After the plant opens, the company may switch to making renewable diesel for trucks and ships, because those industries showed more enthusiasm than aviation, Letang said. "We're only going to take it so far with SAF until we determine whether or not the airlines are actually serious about making the commitments for this fuel," he said. Letang said airlines were competing to announce their own marquee projects, when producers actually needed consortiums made up of many carriers to invest in large-scale projects. "That's how you build this industry. Without that, it's an exercise in futility, quite frankly," he said. "The airlines could do a lot more." A few years ago, Letang was striking big SAF deals with major airlines through his previous biofuels venture, SG Preston. In 2016, JetBlue announced a 10-year commitment to buy commercial volumes of green fuel from SG Preston, calling it one of the largest such deals in history. JetBlue said in 2021 it would double down on the deal as it pursued a target to use SAF for 8% of its fuel needs by 2023. Australia's Qantas Airways signed a similar 10-year deal with SG Preston in 2017 for 8 million gallons of SAF annually starting in 2020 to help power flights between Los Angeles and Australia. The deals were based on SG Preston's plan to build five plants across North America - two in Ohio and one each in Indiana, Michigan, and Ontario. None has been built. SG Preston filed for bankruptcy in 2022, according to company filings. A spokesperson for Letang's current firm, SGP BioEnergy, said the two companies had no affiliation. NEW TECHNOLOGY While most SAF projects rely on HEFA, British startup Velocys uses Fischer-Tropsch technology, which converts waste such as garbage, wood chips, or flared gas into clean fuel. IAG - the parent of British Airways, Iberia, Vueling and Aer Lingus - has been an enthusiastic backer, announcing four major SAF initiatives with Velocys over the past 15 years. But despite producing SAF in pilot projects, none of the Velocys projects has reached commercial production. Its challenges began in 2010 with a project to turn methane from a London landfill into jet fuel. That venture collapsed when its main backer went bankrupt. Since then Velocys has attempted to build its own plants - including in Oklahoma - but it has proven too costly and technically challenging. After shutting the Oklahoma plant, Velocys shifted focus to two new projects: one at Immingham in northeast England and another in Mississippi. British oil major Shell and IAG initially backed Velocys's English venture, and the British government awarded a 27 million pound ($37 million) grant in 2022, then another 3 million pounds in July. However, Shell backed out in 2021 to pursue its own SAF ventures. Shell declined further comment. While IAG has no purchase deal with Velocys, it maintains a partnership and expects production to begin in 2029. Velocys Chief Executive Matthew Viergutz remains optimistic, saying the company has learned from past setbacks. However, the Mississippi project is on hold pending clarity on U.S. SAF regulations. The Immingham project was meant to start supplying British Airways last year. The plant site is a dusty field, empty but for a blue portable toilet lying on its side. Velocys has yet to sell a drop of green jet fuel to IAG or any other airline. (Reporting by Joanna Plucinska in London and Immingham, Joe Brock in Los Angeles, Marleen Kasebier in Gdansk and Paul Carsten in London; Additional reporting by America Hernandez and Tim Hepher in Paris and Elida Moreno in Panama City; Editing by David Clarke)
