Tokenized real-world assets platform Ondo Finance said on Wednesday that it completed the first near-real-time cross-border redemption of a U.S. Treasury tokenized fund in collaboration with JPMorgan’s blockchain infrastructure platform Kinexys, payment giant Mastercard, and blockchain company Ripple.
This transaction was processed in under 5 seconds on a Ripple-supported platform. XRP reflects these companies' ledgersAnnouncement this pilot program involves OUSG, Ondo’s tokenized U.S. Treasury fund, available to accredited investors and qualified purchasers.
Ian de Bordes, CEO of Ondo, stated in a statement: “This milestone marks the first time tokenized U.S. Treasuries have achieved near-real-time, cross-border, and cross-bank settlement without going through traditional banking windows.” He also said: “By connecting public blockchain infrastructure with interbank settlement channels, Ondo, JPMorgan’s Kinexys, Mastercard, and Ripple are laying the foundation for a 24/7, always-on global market.”
Mastercard’s multi-currency network facilitates cross-border settlement by enabling interoperability between on-chain assets and traditional fiat currencies. Markus Infanger, Senior Vice President at RippleX, emphasized that this transaction demonstrates how tokenized assets can flow seamlessly between public blockchain infrastructure and the global financial system.
“When integrated with global banking infrastructure, this pilot project demonstrates how institutions can execute cross-border transactions as a single, integrated process,” said Infanger.
Ondo’s partnership with JPMorgan reflects the growing institutionalization of the asset tokenization space. According to JPMorgan’s official website, its Kinexys platform has processed over $3 trillion in total transaction volume, and major banks are rapidly expanding their tokenized deposit systems, with transaction volumes growing from millions to billions of dollars over the past year. Just this week, the Depository Trust & Clearing Corporation (DTCC) stated that it is actively preparing to launch tokenization services later this year.
Ondo Finance is dedicated to bringing institutional-grade financial products on-chain, focusing on tokenizing traditional assets such as U.S. Treasuries for qualified investors. Kinexys is J.P. Morgan’s blockchain infrastructure platform, providing institutional clients with settlement and correspondent banking network integration support.
XRP (the native asset of the XRP Ledger) rose approximately 1% today, with its latest price at $1.42, and has gained about 6% month-to-date. Since hitting its all-time high of $3.65 in July last year, XRP has declined by approximately 61%.