Ondo, JPMorgan Settle Tokenized Treasuries on XRP Ledger

TLDR

• Ondo Finance completed a near-real-time cross-border redemption of its tokenized U.S. Treasury fund using blockchain infrastructure from JPMorgan, Mastercard, and Ripple.
• The companies processed the transaction in under five seconds on the XRP Ledger, according to their joint announcement.
• Mastercard enabled interoperability between on-chain assets and traditional fiat systems through its Multi Token Network.
• JPMorgan supported the settlement through its Kinexys blockchain platform, which has processed over $3 trillion in transactions.
• XRP traded at $1.42 at the time of reporting, posting a daily gain of about 1% and a monthly rise of around 6%.

Ondo Finance executed a near-real-time cross-border redemption of a tokenized U.S. Treasury fund using blockchain infrastructure from JPMorgan, Mastercard, and Ripple. The companies processed the transaction in under five seconds on the XRP Ledger, according to their joint statement. The pilot connected public blockchain rails with interbank settlement systems and enabled continuous cross-border transfers outside traditional banking hours.

XRP Ledger Powers Instant Cross-Border Treasury Redemption

Ondo used its tokenized U.S. Treasury fund OUSG for the pilot transaction. The fund serves accredited investors and qualified purchasers seeking on-chain exposure to Treasuries. The companies processed the redemption in less than five seconds on the XRP Ledger.

Ripple supported the blockchain layer, while JPMorgan provided its Kinexys platform for settlement integration. Mastercard enabled interoperability between digital assets and fiat currencies through its Multi-Token Network. As a result, the transaction moved across borders and banks in one coordinated flow.

Ondo President Ian De Bode said the transaction marked a first for tokenized Treasuries. He stated, “This milestone represents the first time tokenized U.S. Treasuries have settled across borders and banks in near-real time and outside traditional banking windows.” He added that the collaboration links public blockchain infrastructure with interbank settlement rails.

Markus Infanger, senior vice president of RippleX, addressed the outcome. He said the pilot shows that tokenized assets can move between public blockchains and global banking systems. He stated that institutions can execute cross-border transactions as a single integrated process.

Institutional Platforms Expand Tokenized Asset Infrastructure

JPMorgan operates Kinexys as its blockchain infrastructure platform for institutional clients. The platform has processed more than $3 trillion in total transactions, according to its website. It supports settlement services and correspondent banking network integration.

Mastercard’s Multi-Token Network facilitated the cross-border leg of the redemption. The system connected on-chain tokenized assets with traditional fiat payment channels. This structure allowed both blockchain and banking systems to complete the transfer without delay.

Ondo Finance focuses on bringing institutional-grade financial products on-chain. The company specializes in tokenizing traditional assets, including U.S. Treasuries, for qualified investors. OUSG represents its tokenized Treasury product used in the pilot.

The Depository Trust & Clearing Corporation announced plans to launch a tokenization service later this year. The group disclosed this plan earlier this week. Banks have also expanded tokenized deposit systems, with volumes rising from millions to billions over the past year.

XRP, the native asset of the XRP Ledger, traded at $1.42 at the time of reporting. The token gained about 1% on the day and posted a monthly increase of around 6%. However, XRP remains about 61% below its all-time high of $3.65 reached last July.

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