According to Ondo Finance’s official disclosure, Ondo, Kinexys by J.P. Morgan, Mastercard, and Ripple completed a pilot transaction connecting the XRP Ledger to an interbank clearing network. This marks the first cross-border, cross-bank near-real-time settlement of tokenized U.S. Treasuries, with Ondo processing Ripple’s OUSG redemption on the XRP Ledger, Mastercard’s Multi-Token Network routing instructions to Kinexys by J.P. Morgan, which then delivered U.S. dollars to Ripple’s bank account in Singapore.
Ondo Finance Completes Tokenized U.S. Treasury Cross-Border Settlement Pilot
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Summary
Ondo Finance, in collaboration with Kinexys by J.P. Morgan, Mastercard, and Ripple, executed a cross-border settlement pilot on the XRP Ledger. This on-chain milestone marks the first near-real-time settlement of tokenized U.S. Treasury bonds between banks. Ondo handled the redemption of Ripple’s OUSG, while Mastercard’s Multi-Token Network routed instructions to Kinexys, which delivered USD to Ripple’s Singapore account. The network upgrade enabled seamless integration between the XRP Ledger and interbank systems.
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