Ondo, JPMorgan, Mastercard and Ripple completed a tokenized Treasury settlement on the XRP Ledger in under 5 seconds.
Ondo Finance, JPMorgan, Mastercard, and Ripple completed the first cross-border redemption of a tokenized US Treasury fund in near-real time on May 6. The transaction settled in under five seconds on the XRP Ledger (XRP), a public blockchain payment rail supported by Ripple.
The pilot centered on OUSG, Ondo's tokenized short-term US government treasury product restricted to accredited investors and qualified purchasers. Ondo processed an OUSG fund redemption for Ripple directly on the XRP Ledger, which handled the on-chain portion of the transaction.
Mastercard's Multi-Token Network then routed the settlement instructions, bridging the on-chain asset with traditional fiat currency. That interoperability layer connected the blockchain leg of the transaction to the conventional banking system without requiring a separate manual step.
JPMorgan's blockchain payments platform, Kinexys, completed the final stage by delivering US dollars to Ripple's Singapore bank account. The full sequence occurred outside standard banking hours, demonstrating that the combined infrastructure can function around the clock.
Ondo President Ian De Bode said the transaction marked the first time tokenized US Treasuries settled across borders and banks in near-real time outside traditional banking windows. "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," De Bode said.
OUSG was first launched in 2023 on Ethereum (ETH) before being deployed on Polygon and Solana (SOL). It later expanded to the XRP Ledger and currently holds $610 million in total value locked, carrying a 3.48% annual percentage yield (APY).
Markus Infanger, senior VP of RippleX, said the pilot demonstrated that tokenized assets can move between public blockchain infrastructure and the global financial system as a single integrated flow. JPMorgan's Kinexys platform has processed more than $3 trillion in total transactions to date.
A comparable pilot involving Kinexys, Chainlink, and Ondo was completed approximately one year earlier, settling a tokenized Treasury fund across a public and a permissioned blockchain. Wednesday's transaction extended that work to include live cross-border fiat delivery through a regulated banking channel.
Broader tokenization infrastructure is advancing in parallel. The Depository Trust & Clearing Corporation (DTCC) announced on May 6 that it plans to launch a tokenization service later in 2026, while major banks have scaled tokenized deposit volumes from millions to billions over the past year.
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