Ondo, JPMorgan, Ripple pilot real-time tokenized treasury settlement

Ondo, JPMorgan, Mastercard, and Ripple piloted real-time settlement of tokenized U.S. Treasuries on the XRP Ledger, bridging blockchain and traditional finance.

Ondo Finance, in collaboration with JPMorgan's Kinexys, Mastercard, and Ripple, has completed a pioneering pilot transaction connecting the XRP Ledger to interbank settlement systems. This pilot involved redeeming Ondo’s tokenized U.S. Treasury product, OUSG, directly on the XRP Ledger, with the transaction processed in near real time and outside standard banking hours. Mastercard’s Multi-Token Network enabled seamless interoperability between on-chain assets and fiat currency, routing payment instructions to Kinexys. Kinexys then delivered U.S. dollars to Ripple’s Singapore bank account, showcasing a streamlined settlement process. This initiative demonstrates how tokenized assets can be settled across borders and banking institutions in a single, efficient transaction, reducing manual intervention and eliminating banking cut-off times. It marks a significant step toward continuous, global settlement of tokenized assets, underscoring the integration of blockchain technology with traditional finance.