Wall Street is accelerating on the blockchain: JPMorgan demonstrates how to tear down the walls of DeFi and TradFi

At the Cannes RWA Summit, JPMorgan demonstrated cross-chain trading, reflecting the accelerating convergence of traditional finance and DeFi, and foreshadowing asset tokenization and financial infrastructure rewriting. JPMorgan's Blockchain Department Kinexys head Nelli Zaltsman and Chainlink co-founder Sergey Nazarov shook hands at the Cannes RWA Summit 2025, with screens simultaneously showing a successful cross-chain transaction settlement, signaling the breakdown of barriers between traditional and decentralized finance. Zaltsman stated that the integration is happening "faster than outsiders imagine". The pilot project combining Kinexys, Chainlink, and Ondo Finance completed atomic settlement (DvP) and multi-chain synchronous clearing of real-world assets (RWA), saving time and reducing mismatch risks compared to traditional processes. Kinexys uses an "asset-agnostic" design that can connect to multiple public chains while complying with local regulations. From Quorum to JPM Coin, and now Kinexys and JPMD Token, JPMorgan has progressively expanded point-to-point payments into comprehensive on-chain financial services. JPMD Token currently circulates on Coinbase's Base L2, fully backed by bank deposits, and is only available to whitelisted clients, aiming to provide an on-chain "cash" solution and gain an early advantage in future digital asset competition. An AInvest survey shows 75% of institutions plan to expand digital asset allocation in 2025. BlackRock and Deutsche Bank have successively launched tokenized products, and Robinhood has issued blockchain stock tokens. On the regulatory front, the US House proposed the GENIUS Act to establish a stablecoin framework, and Coinbase obtained a full MiCA license in the EU, accelerating asset on-chain processes. Nazarov noted: "Cryptographic proof and smart contracts can enable small and medium institutions to achieve top-tier bank credibility, which will promote competition and innovation." Banks and asset management firms must reassess their systems and strategies, while retail investors can expect higher transparency and lower transaction costs. However, challenges remain in cross-chain interoperability, security, and cross-border regulatory coordination. Within three years, on-chain and off-chain will become a continuous spectrum, with those who first decode the new language gaining the upper hand.