JPMorgan (JPM) took its first step onto a public blockchain network through its Kinexys Digital Payments platform, settling a tokenized U.S. Treasury transaction on Ondo Chain’s testnet.
The pilot, detailed in a press release shared with CoinDesk, marks the debut of a Delivery versus Payment (DvP) transaction on the testnet, a new layer-1 blockchain designed to support institutional-grade real-world assets.

STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the Crypto Long & Short Newsletter today. See all newsletters

Sign me up

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

Kinexys, which the release says processes an average of over $2 billion in daily transaction volume, handled the payment leg, while Ondo Finance’s tokenized short-term Treasury fund (OUSG) formed the asset leg. Chainlink Runtime Environment — a system for coordinating cross-chain workflows —secured the settlement across the two networks.
This is the first time Kinexys, the Wall Street bank’s permissioned network, has executed a transaction on a public blockchain. The move signals a shift as the bank explores ways to extend its institutional payments infrastructure into the growing market for real-world asset tokenization.

“ By securely and thoughtfully connecting our institutional payments solution with both external public and private blockchain infrastructures seamlessly, we can offer our clients and the broader financial ecosystem a wider range of benefits and scalable solutions for settling transactions,” Nelli Zaltsman, head of settlement solutions at Kinexys, said in the statement.
Traditional finance often struggles with DvP transactions, which require payments to be made before or at the same time as delivery of securities, due to fragmented systems and manual steps that delay settlement, the release notes.
It points to data suggesting payment and settlement failures have cost market participants over $900 billion in the past 10 years. Blockchain technology, it says, can be leveraged to conduct simultaneous cross-chain transactions.
JPMorgan has been expanding its blockchain-based payments network, having recently added support for British-pound denominated accounts.

Summer Mersinger, one of the Republican commissioners at the Commodity Futures Trading Commission, will soon take over the Blockchain Association as its incoming chief executive, a top official at the association confirmed on Wednesday.
The organization, one of the leading crypto lobbying voices in Washington, will be absent a leader when longtime CEO Kristin Smith steps down this week and officially becomes president at the Solana Research Policy Institute. That vacuum at one of the largest U.S. advocacy groups will be filled by Mersinger at the start of next month, according to Marta Belcher, the president and chair of the association’s board, who confirmed the move on stage at Consensus 2025 in Toronto.

STORY CONTINUES BELOW

Mersinger’s departure will temporarily leave the CFTC with a single Republican, Acting Chairman Caroline Pham, against two Democrat commissioners, Kristin Johnson and Christy Goldsmith Romero. However, Romero has already announced her retirement from government service as soon as the Senate confirms President Donald Trump’s pick as the new chairman, Brian Quintenz. The Senate hasn’t hurried with its confirmation of Quintenz as it did with Paul Atkins, the new chief of the Securities and Exchange Commission, but his confirmation will swing the agency back to a 2-1 Republican majority, leaving two open positions — one for each party.

The agency is poised to become one of the crypto industry’s key regulators if Congress approves new legislation to regulate the sector. Lawmakers from both parties have favored a larger role for the CFTC in overseeing the spot market for the trading of the bulk of the digital asset volume.
Mersinger had been a defender of the crypto industry during the administration of President Joe Biden, when Rostin Behnam was chairman at the CFTC. She’ll now be representing it as the industry is pressing for two major pieces of legislation that will establish its regulatory footing in the U.S.
The leadership change at the Blockchain Association comes at the same time as turnover among most of the other key crypto advocacy groups in the U.S., of which there are now many.
Read More: U.S. Crypto Lobbyists Flooding the Zone, But Are There Too Many?

The cryptocurrency market is showing mixed signals as geopolitical developments create both opportunities and challenges for digital assets.TRON’s TRX token demonstrated remarkable strength with a 4.8% rally over a recent 24-hour period, climbing from $0.264 to $0.276 before experiencing a slight correction.This uptrend coincided with TRON achieving a significant milestone by overtaking Ethereum as the blockchain with the largest USDT circulation, now hosting $73.8 billion compared to Ethereum’s $71.9 billion.The White House’s announcement of a recent trade agreement between the U.S. and China has signaled a potential cooling in trade tensions, providing a boost to market sentiment. Meanwhile, institutional adoption continues to accelerate, with Coinbase’s addition to the S&P 500 highlighting growing mainstream acceptance of digital assets.Technical Analysis Highlights

TRX climbed from $0.264 to a peak of $0.276, representing a 4.8% range with above-average volume at key breakout points.
Strong buying pressure established support at $0.265 during the 13:00-14:00 and 19:00 sessions.
A notable resistance zone emerged around $0.275, with price consolidating near this level before a slight pullback.
Consistent higher lows throughout the period suggest continued bullish momentum.
In the last hour, TRX reached a peak of $0.276 at 07:48 before entering a sharp correction phase.
Price declined approximately 0.9% from its hourly high to $0.273, with heavy selling volume (11.8M) at 08:08.
A new support level was established around $0.274 with multiple failed attempts to reclaim $0.275.
Recent price action indicates consolidation between $0.273-$0.274, with modest buying emerging near session lows.

Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.

STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the Crypto Long & Short Newsletter today. See all newsletters

Sign me up

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

External References

South Korea could soon follow Hong Kong in legalizing spot Bitcoin exchange-traded funds (ETFs), as the country’s top presidential candidates have expressed pro-crypto positions. Still, some industry observers remain cautious about the likelihood of near-term...

Coinbase CEO Brian Armstrong is offering a new home for staffers departing the U.S. government’s Department of Government Efficiency (DOGE).
On social media, Armstrong encouraged former DOGE operatives to apply for roles at the crypto exchange through a fast-track hiring process.

STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

Sign me up

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

The move came after a Fox News clip featuring Ethan Shaotran, a 22-year-old former DOGE staffer and Harvard dropout, who said his work with DOGE cost him friendships and status on campus. Shaotran praised the team’s mission and work ethic, describing their late-night dedication to trimming bureaucratic waste.

This is an open call for any @DOGE staff. If you are looking for your next mission after serving your country, consider helping create a more efficient financial system for the world at @Coinbase.We’ve set up an accelerated interview/hiring process in recognition of your… https://t.co/ZdMN7vJoXT
— Brian Armstrong (@brian_armstrong) May 13, 2025

“If you are looking for your next mission after serving your country, consider helping create a more efficient financial system for the world at Coinbase,” Armstrong wrote in a post on X, attaching a job application form aimed at former DOGE employees.
DOGE, launched under President Donald Trump’s administration and led by Elon Musk and Vivek Ramaswamy, was created to streamline federal operations. The agency said it has saved $170 billion through asset sales, contract and lease cancelations, workforce reductions and more.
Coinbase’s embrace of former DOGE staff comes after Armstrong publicly supported the idea of DOGE and called for the end of the income tax.
Coinbase spent over $70 million in 2024 supporting crypto-friendly political action committees and recently added Trump campaign co-manager Chris LaCivita to its advisory board. The company’s shares have recently jumped over news they are being included in the S&P 500 index.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 3335.09, down 1.0% (-34.87) since 4 p.m. ET on Tuesday.

STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the Crypto for Advisors Newsletter today. See all newsletters

Sign me up

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

One of 20 assets is trading higher.

Leaders: XRP (+0.9%) and AVAX (-0.1%).Laggards: UNI (-6.8%) and APT (-4.6%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

Strategy may one day rise to become the top publicly traded company in the world, according to a bold forecast by one of its analysts.

Former Cred executives Daniel Schatt and Joseph Podulka have pleaded guilty to wire fraud in a case tied to the crypto lender.

Pi Coin is going wild right now. In just one week, it has pumped over 108%, hitting $1.21 — and that’s not even the end of it. It’s also up 10.49% in the last 24 hours and nearly 61% over the past month. That’s a serious rally. The reason? Everyone’s waiting on a...

One X user suggested that PNUT has a 100x potential.