Ondo, JPMorgan, Mastercard, and Ripple Execute First Cross-Border Tokenized Treasury Settlement on XRP Ledger

Ondo Finance, JPMorgan's blockchain platform Kinexys, Mastercard, and Ripple announced the first near-real-time cross-border redemption of a tokenized U.S. Treasury fund. The transaction settled in under five seconds on the XRP Ledger, outside traditional banking hours.

The pilot used OUSG, Ondo's tokenized U.S. Treasury fund, and was facilitated by Mastercard's Multi-Token Network, which bridges on-chain assets with traditional fiat. JPMorgan's Kinexys has processed over $3 trillion in transactions, highlighting growing institutional adoption.

Ondo President Ian De Bode stated this lays the groundwork for 24/7 global markets. XRP traded at $1.42, up 1% on the day, but 61% below its all-time high.