Ripple, JPMorgan settle first cross-border tokenized Treasury redemption on XRP Ledger
Key takeaways
- The pilot, run with Ondo Finance and Mastercard, processed the redemption of Ondo's OUSG tokenized Treasury fund in under five seconds.By Shaurya Malwa|Edited by Sam Reynolds Updated May 7, 2026, 5:17 a.m.
- Ondo Finance said Wednesday it had completed the first near-real-time cross-border redemption of a tokenized U.S.
- The transaction settled in under five seconds on the XRP Ledger and involved OUSG, Ondo's tokenized U.S.
The pilot, run with Ondo Finance and Mastercard, processed the redemption of Ondo's OUSG tokenized Treasury fund in under five seconds.By Shaurya Malwa|Edited by Sam Reynolds Updated May 7, 2026, 5:17 a.m. Published May 7, 2026, 4:58 a.m. 2 min read Make preferred on 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.