Odaily Planet Daily reports that, according to Ondo Finance’s official blog, Ondo Finance (Ondo) has successfully completed the first near-real-time cross-border, cross-bank redemption of a tokenized U.S. Treasury fund in collaboration with Kinexys by J.P. Morgan, Mastercard, and Ripple. In this pilot project, Ripple redeemed its Ondo Short-term U.S. Government Bonds (OUSG) held on the XRP Ledger. After processing the redemption, Ondo sent a fiat payment instruction via the Mastercard Multi-Token Network, which was executed by Kinexys by J.P. Morgan’s blockchain infrastructure to settle funds and deliver U.S. dollars to Ripple’s bank account in Singapore through its correspondent banking network. The project demonstrates the feasibility of integrating public blockchain infrastructure with interbank settlement systems, establishing a framework for global banks to enable 24/7 real-time cross-border settlement using tokenized assets.
Ondo Finance Completes First Cross-Border Tokenized U.S. Treasury Exchange with JPMorgan, Mastercard, and Ripple
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Summary
Ondo Finance, in partnership with JPMorgan, Mastercard, and Ripple, executed the first cross-border tokenized U.S. Treasury exchange. Ripple swapped Ondo Short-Term U.S. Government Bonds (OUSG) on the XRP Ledger. Ondo routed fiat instructions through Mastercard’s Multi-Token Network, with JPMorgan handling settlement. The test demonstrates how public blockchains can integrate with traditional systems for real-time settlements. This cryptocurrency exchange news represents a significant advancement in cross-border transfers of tokenized assets. No exchange hack was reported during the process.
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