German industrial giant Siemens has issued and settled a tokenized version of its commercial paper through global bank JPMorgan Chase's blockchain payment system Onyx and SWIAT's private blockchain, CoinDesk reported. Siemens issued 100,000 euros worth of crypto securities under the German Electronic Securities Act (eWpG) on September 13 and redeemed them three days later. Payments were made using the JPM Coin system via the Onyx network, and asset transfers were settled on the delivery-versus-payment (DvP) mechanism of the SWIAT network. The entire process took only 93 seconds from transaction confirmation on SWIAT to final settlement confirmation. DekaBank also participated as a regulated crypto securities registry on the SWIAT network. The transaction marks the beginning of Onyx and SWIAT's collaboration to develop blockchain-based asset issuance products, with the goal of shortening the value chain, increasing transaction flexibility and speed, and ultimately making commercial banks' financial transactions scalable through blockchain. The tokenization of traditional financial instruments or real-world assets (RWA) has become a rapidly growing area of ​​blockchain technology, with large banks increasingly participating. JPMorgan Chase is leading the field through Onyx and its JPM Coin blockchain settlement technology. JPMorgan Chase CEO Jaime Dimon recently said at an event at Georgetown University that JPMorgan Chase may be one of the largest users of blockchain, but he believes the technology is just a database.