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

Ondo Finance has successfully completed the first near-real-time cross-border redemption of its tokenized U.S. Treasury fund, OUSG, using the XRP Ledger. The pilot project involved collaboration with JPMorgan’s Kinexys platform, Mastercard, and Ripple, processing the entire transaction in under five seconds. By utilizing Mastercard’s Multi-Token Network to route instructions to Kinexys and settling outside of traditional banking hours, the group demonstrated how public blockchains can integrate with interbank rails to facilitate 24/7 global market operations. This milestone highlights a significant shift toward modernizing legacy cross-border settlement systems, which typically require multiple business days.

(Source：CoinDesk)