Ripple, JPMorgan settle first cross-border tokenized Treasury redemption on XRP Ledger

The pilot, run with Ondo Finance and Mastercard, processed the redemption of Ondo's OUSG tokenized Treasury fund in under five seconds.

What to know:

• Ondo Finance, working with JPMorgan’s Kinexys, Mastercard and Ripple, completed a near-real-time cross-border redemption of its tokenized U.S. Treasury fund OUSG on the XRP Ledger.
• The transaction, which settled in under five seconds and outside traditional banking hours, routed instructions via Mastercard’s Multi-Token Network before JPMorgan delivered dollars to Ripple’s Singapore bank account.
• The pilot underscores how linking public blockchains with interbank settlement rails could enable 24/7 global markets, as tokenized deposit volumes grow and DTCC prepares to launch its own tokenization service.

A key piece of financial infrastructure stitching tokenized assets to traditional banking got a real cross-border test this week.

Ondo Finance said Wednesday it had completed the first near-real-time cross-border redemption of a tokenized U.S. Treasury fund alongside JPMorgan's blockchain platform Kinexys, payments giant Mastercard, and Ripple.

The transaction settled in under five seconds on the XRP Ledger and involved OUSG, Ondo's tokenized U.S. Treasury fund built for accredited investors and qualified purchasers.

The pipeline started with Ondo processing the redemption on the XRP Ledger, after which Mastercard's Multi-Token Network routed the instructions to Kinexys, and JPMorgan delivered the U.S. dollars to Ripple's Singapore bank account.

The whole sequence happened outside traditional banking windows, the kind of cross-border settlement that typically takes one to three business days through correspondent banks.

"By connecting public blockchain infrastructure with interbank settlement rails, Ondo, Kinexys by JPMorgan, Mastercard, and Ripple are laying the groundwork for 24/7 global markets that never close," said Ondo President Ian De Bode in a statement.

Markus Infanger, senior VP at RippleX, said the transaction shows institutions can run cross-border tokenized asset moves as a single integrated flow rather than stitching them together through legacy systems.

The pilot lands as the Depository Trust & Clearing Corporation (DTCC) said earlier this week it would launch its own tokenization service later this year. JPMorgan's Kinexys platform has now processed over $3 trillion in cumulative transactions, with tokenized deposit volumes across major banks moving to billions of dollars over the past year.

XRP and ONDO were down as much as 2% in the past 24 hours alongside a broader pullback across the crypto market.

More For You

At Consensus 2026 in Miami, executives from Two Prime, Ledn and Lygos Finance said institutional borrowers increasingly prioritize custody, transparency and standardized lending structures over complex DeFi products after the crypto credit collapses of 2022.

What to know:

• Institutional bitcoin lenders are shifting away from complex DeFi structures toward more traditional finance-style practices emphasizing transparency, standardized contracts and clear risk controls.
• Panelists at Consensus 2026 said institutional borrowers increasingly scrutinize where bitcoin collateral is stored and whether lenders rehypothecate assets, reflecting lessons from the 2022 crypto lending collapses.

Bitcoin lenders say institutions want crypto credit to look more like TradFi

1 hour ago

Trump family-backed American Bitcoin's costs dropped 23% in Q1 as mining industry pivots to AI

1 hour ago

Three signals pointing to a possible bitcoin move to $85,000

2 hours ago

BNY, world's largest custody bank, expands crypto services in Abu Dhabi

2 hours ago

Dogecoin slides 4%, bitcoin rally pauses as Iran ceasefire optimism lifts equities

3 hours ago

AI agents becoming more relevant than humans by 2035 has Big Tech 'terrified', says Hoskinson

9 hours ago

White House targets July 4 for Clarity Act passage, says crypto adviser Patrick Witt

10 hours ago

Eric Trump takes shot at JPMorgan rethinking bitcoin after 'crapping' on asset

13 hours ago

U.S. Bitcoin Reserve update coming in 'next few weeks," White House adviser says

10 hours ago

Bitcoin moves above $82,000 while ZEC and DASH post double-digit rallies

21 hours ago

Morgan Stanley brings crypto trading with lower fees than rivals

19 hours ago

Consensus Miami Day 2: Real-time coverage and highlights from on the ground

16 hours ago