JPMorgan, Chainlink & Ondo Make First Tokenized Transaction

JPMorgan has completed its first public blockchain settlement, using tokenized U.S. Treasuries on Ondo Finance’s testnet. The transaction used Chainlink to link JPMorgan’s Kinexys system with the new Ondo Chain, settling assets with a Delivery versus Payment model.

The test occurred this week, marking a turning point in JPMorgan’s six-year journey from private blockchains to interoperable public networks. Ondo’s OUSG token was used to represent the Treasuries, while Kinexys handled payments using blockchain deposit accounts.

“It’s a foundational step toward a future where real-world assets like U.S. Treasuries can move seamlessly across public and private chains,” said Colin Cunningham, Chainlink’s head of tokenization. This cross-chain integration aims to cut costs, speed up settlement, and remove risks tied to outdated banking infrastructure.

RWA tokenized products now hold over $12 billion in value across more than 80 DeFi platforms, with JPMorgan’s Kinexys processing $2 billion per day. The three firms said this successful test creates a path for broader adoption of decentralized finance by the world’s largest financial institutions.

Ethereum Reveals "Trillion Dollar Security" Overhaul Plan

The Ethereum Foundation introduced its "Trillion Dollar Security" plan on May 14, aiming to dramatically improve Ethereum’s resilience. Co-led by Fredrik Svantes and Josh Stark, the three-phase effort will identify structural weaknesses, tighten defenses, and promote industry-wide security collaboration, aligning with Ethereum's goal to surpass traditional finance in reliability and long-term trust.

Ethereum currently "protects" over $63 billion, but the initiative targets infrastructure strong enough to secure assets on a global scale. Key contributors from SEAL 911, Sigma Prime, and Etherealize will serve as ecosystem stewards throughout the campaign. A full security overview and roadmap will be released before prioritizing high-risk vulnerabilities and educational outreach.

Ex-SEC Chair Gensler’s Private Crypto Support Surfaces

On May 13, ex-Representative Patrick McHenry claimed Gary Gensler privately endorsed crypto, despite his hostile public posture as SEC Chair. Speaking on the Crypto in America podcast, McHenry recalled Gensler expressing optimism about digital assets and blockchain while at MIT. Gensler's private stance contrasted sharply with his later regulatory crackdowns starting in 2021.

McHenry cited inconsistent messaging during closed-door talks, where Gensler allegedly flipped on core regulatory principles mid-discussion. The former congressman blamed Senate confirmation politics for shaping Gensler’s public opposition. After leaving the SEC in January, Gensler resumed teaching at MIT, drawing backlash from crypto leaders, including Gemini.

South Korea’s Candidates Embrace Bitcoin ETF Legalization

All three major presidential candidates in South Korea are pledging to legalize spot Bitcoin ETFs, per statements made as of May 14. Lee Jae-myung, Kim Moon-soo, and Lee Jun-seok expressed strong support for crypto investment access and lower transaction costs. Currently, institutional crypto investment remains banned, forcing reliance on retail volume.

However, analysts warn that past administrations (People Power Party, elected in 2022) made similar promises that went unfulfilled. Regulatory bodies remain cautious despite the candidates’ rhetoric mirroring Hong Kong’s pro-ETF shift. Experts argue progress will depend on political follow-through and global crypto market conditions.

Data of the Day

Between May 7 and 10, Bitcoin dominance dropped from 62.1% to 60.2%, according to data released May 14. This metric, which compares Bitcoin’s market cap to all crypto assets, slid in tandem with rising altcoin prices and liquidations. Traders increasingly rotated into ETH, meme tokens, and lower-cap assets seeking higher returns.

Improved USA–China trade talks reportedly reduced “safe haven” demand, further fueling altcoin momentum. The cycle triggered a feedback loop, Bitcoin rallied first, sparking liquidations and altcoin surges that lowered BTC's share. Whether this trend signals a true “alt-season” depends on if Bitcoin’s dominance rebounds or keeps falling.

More Breaking News

• Republican Senators Lummis and Moreno are urging the Treasury to clarify crypto tax rules, warning that taxing unrealized gains could push firms to offload assets and reduce U.S. investment.
• House Democrats have asked the Treasury to hand over suspicious activity reports tied to Trump’s crypto dealings, citing growing concerns about potential self-enrichment and bribery risks.
• The name Solana, originally meaning “sunshine,” has surged in baby name popularity amid blockchain buzz and celebrity influence, now ranking 242nd in the USA.
• Telegram has shut down thousands of channels tied to a Chinese crypto crime ring after a report revealed the network processed $8.4B in illicit USDT activity.
• Tether-backed Twenty One Capital just bought nearly $459M in Bitcoin as part of a broader strategy to deploy PIPE deal proceeds into digital assets.
• Trading platform eToro went public at $52 a share, raising $310M and achieving a $4.2B valuation in one of the strongest IPOs of the year.
• Coinbase CEO Brian Armstrong has invited former DOGE agency staffers to apply for roles at Coinbase, following backlash against a viral Trump-era appointee.
• A top NDAX executive says Canada misclassified stablecoins as securities, urging regulators to adopt a payments-based model like Europe’s MiCA.
• Bitcoin ETFs have hit a record $41B in inflows since their 2024 launch, bouncing back strongly despite recent global economic turbulence.

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