Ripple, Mastercard, Ondo Finance, and JPMorgan recently completed a pilot transaction that redeemed tokenized U.S. Treasury holdings on the XRP Ledger and settled the related U.S. dollar payment across borders. The transaction involved Ondo’s Short-Term U.S. Government Treasuries fund (OUSG). Ripple redeemed part of its OUSG holdings on the XRP Ledger, while JPMorgan’s correspondent banking network delivered the dollar payment to Ripple’s Singapore account. The pilot tested near real-time settlement outside standard banking hours by combining the public blockchain, Mastercard’s Multi-Token Network, and JPMorgan’s Kinexys platform in a single transaction flow. According to the companies, the same structure could support tokenized fund redemptions from any blockchain where OUSG is issued, enabling cross-border settlement without manual wire transfers.
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