XRP Ledger Powers First Cross-Bank Tokenized Treasury Pilot
Ondo, J.P. Morgan, Mastercard & Ripple Pull Off First Near Real-Time Tokenized Treasury Settlement Across Borders A landmark pilot between Ondo Finance, Kinexys by J.P. Morgan, Mastercard, and Ripple is pointing to a , where blockchain networks and traditional banking systems are increasingly converging toward real-time settlement and integration. Ondo Finance has completed the first near real-time, cross-border redemption of a tokenized U.S. Treasury fund, marking a notable step in connecting blockchain-based assets with traditional financial systems. More notably, the pilot was carried out in collaboration with Ripple, Mastercard, and J.P. Morgans Kinexys infrastructure, using the as the execution layer. The process linked public blockchain activity with regulated banking rails in a coordinated settlement flow. Ripple initiated the redemption of tokenized assets on XRPL, triggering the on-chain transaction. Mastercards Multi-Token Network then relayed the settlement instructions across institutional systems, effectively translating blockchain execution into traditional financial messaging and enabling seamless coordination between digital asset infrastructure and conventional banking networks. From there, J.P. Morgan‘s Kinexys infrastructure handled the fiat leg, routing USD through its correspondent banking network to Ripple’s Singapore account. The settlement completed in near real time, bypassing the usual banking cut-off windows that often delay cross-border transfers. Why is this a game-changer? Well, the result was