HEDERA WAS ONE OF TWO SOURCE LEDGERS IN A $10 MILLION INSTITUTIONAL COLLATERAL TEST
JPM Collateral Ops, acting for Fidelity Capital Markets, pledged $10M of initial margin to U.S. Bank. Half was Fidelity's Treasury Digital Fund (FYOXX) on u/hedera & half was a JPMorgan fund on Ethereum, and both legs settled inside a single workflow with Ownera's FinP2P routing across the two chains.
The tri-party custodian was replaced by a collateral control contract, so segregation and release sat in code instead of an operations procedure. U.S. Bank could see the position on-chain the whole time without being able to seize it unilaterally.
The custodian was simulated, so this is a test and not a live settlement. What it shows is Fidelity's fund sitting on Hedera inside an institutional margin workflow, next to Ethereum, with both chains handled under one instruction