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

Ondo Finance completed what it described on Wednesday as the first near-real-time cross-border, cross-bank redemption of a tokenized U.S. Treasury fund. The pilot was conducted with JPMorgan’s Kinexys, Mastercard, and Ripple.

The asset leg of the transaction processed in under five seconds on the XRP Ledger, while the fiat settlement flowed through traditional banking infrastructure. The full sequence happened outside regular business hours, the kind of cross-border settlement that typically takes one to three business days through correspondent banks.

This story is an excerpt from the Unchained Daily newsletter.

The pilot used OUSG, Ondo’s tokenized short-term U.S. government Treasuries product built for accredited investors and qualified purchasers. Ripple redeemed a portion of its OUSG holdings on the XRP Ledger, and Ondo processed the redemption.

The fiat payout instruction was then routed through Mastercard’s Multi-Token Network to Kinexys, which debited Ondo’s Blockchain Deposit Account and delivered U.S. dollars to Ripple’s bank account in Singapore through JPMorgan’s correspondent banking network. The result was a single integrated flow connecting public blockchain execution with interbank settlement.

The transaction matters because tokenized real-world assets have grown rapidly but redemption infrastructure has largely depended on manual processes, traditional wire systems, and limited operating hours. Ondo President Ian De Bode said the companies are “laying the groundwork for 24/7 global markets that never close.”

Kinexys, JPMorgan’s blockchain infrastructure platform, has processed more than $3 trillion in total transactions. The pilot also builds on a growing wave of institutional tokenization that has pulled major banks and exchanges onto public blockchain rails.

Total tokenized U.S. Treasuries crossed the $10 billion milestone on February 11, 2026, and stood at approximately $12.88 billion as of early April, up 225% over 15 months. Ondo’s own total value locked crossed $3 billion in April, with OUSG holding roughly $770 million across Ethereum, Solana, XRPL, and Polygon.

XRP was trading at approximately $1.42 at the time of the announcement, up about 1% on the day. The asset is down roughly 63% from its all-time high of $3.84 set in January 2018.