JPMorgan Chase Executes Its First Public Transaction Involving Tokenized U.S. Treasury Bonds

JPMorgan Chase has executed its first public transaction involving tokenized U.S. Treasury bonds on the $ONDO public ledger. The trade was facilitated by Ondo Finance and involved short-term Treasuries backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).

Major U.S. bank JPMorgan Chase has executed its first public transaction involving tokenized U.S. Treasury bonds.

The trade, which was announced by Ondo Finance and saw the involvement of short-term Treasuries backed by BlackRock’s (NYSE:BLK) USD Institutional Digital Liquidity Fund (BUIDL), was executed on the $ONDO public ledger. These assets offer 24/7 blockchain-based settlement while adhering to institutional custody and regulatory standards.

The transaction was processed through JPMorgan’s Onyx Digital Assets platform. Onyx, which was launched by the bank in 2020, has previously been used for intraday repo settlements and transactions involving JPM Coin.

Ondo’s product is targeted at entities that hold stablecoins—such as DAOs, Web3 firms, and crypto-native funds—and need reliable, low-risk instruments on-chain. By tokenizing Treasuries, these groups can deploy capital with predictable returns without converting into fiat or interacting with traditional banking infrastructure.

This setup also supports automated liquidity management, allowing protocols to rebalance reserves or execute yield strategies directly through smart contracts.

Over $1 billion worth of U.S. Treasuries has now been tokenized across public blockchains like Ethereum, Polygon, and Avalanche. These are part of a broader $22.1 billion market for real-world assets (RWAs) being brought on-chain.

Meanwhile, Franklin Templeton has issued tokenized Treasury funds on Stellar and Polygon. WisdomTree uses its digital platform, WisdomTree Prime, to offer tokenized exposures to U.S. government securities.

JPMorgan selected the $ONDO ledger for its settlement speed, fee predictability, and regulatory focus. Unlike general-purpose chains, $ONDO supports financial transactions with low latency and customizable compliance logic, making it suitable for tokenized fixed-income products. It also allows integration with smart contracts for automated processing.

In April 2025, Ondo Finance and its legal counsel met with the SEC’s Crypto Task Force to present tokenization models that meet existing legal frameworks. Topics of discussion included registration processes, broker-dealer compliance, and anti-money laundering standards. At the same time, the SEC proposed exemptions to encourage the use of distributed ledger technology in securities markets. These proposals aim to create regulatory clarity for blockchain-based asset issuance and trading.

This transaction signals a significant development as large financial institutions are now executing public trades involving regulated instruments and audited funds, rather than limiting blockchain use to internal pilots. By collaborating with platforms like Ondo, banks such as JPMorgan are aligning blockchain infrastructure with compliance requirements and operational needs.