Ondo, Kinexys by JP Morgan, Mastercard and Ripple have completed the first cross-border, cross-bank redemption of tokenised US Treasuries.
This pilot has established a framework for 24/7, near real-time cross-border settlement across global banks for tokenised asset redemption, demonstrating coordination between public blockchain infrastructure and interbank settlement rails.
As part of the pilot, Ripple redeemed a portion of its Ondo Short-Term US Government Treasuries (OUSG) issued on the XRP Ledger (XRPL), a public blockchain. It processed the asset leg of the transaction in under five seconds.
The associated fiat settlement was triggered via the Mastercard Multi-Token Network (MTN), which enables interoperability between on-chain assets and traditional fiat money, allowing traditional financial institutions to interact with on-chain commerce.
Fiat settlement execution was initiated on Kinexys by JP Morgan’s blockchain infrastructure, which also supported onward instruction to JP Morgan’s correspondent banking network for cross-border delivery of funds.
“This milestone represents the first-time tokenised US Treasuries have settled across borders and banks in near real time and outside traditional banking windows,” said Ian De Bode, president of Ondo Finance.
“By connecting public blockchain infrastructure with interbank settlement rails, Ondo, Kinexys by JP Morgan, Mastercard and Ripple are laying the groundwork for 24/7 global markets that never close.”
“This marks a meaningful step forward in demonstrating that tokenised assets can move seamlessly between public blockchain infrastructure and the global financial system,” said Markus Infanger, SVP of RippleX.
“The XRP Ledger enables real-time asset movement, and when paired with global banking infrastructure, this pilot shows how institutions can execute cross-border transactions as a single, integrated flow.”
Zack Chestnut, global head of commercialisation at Kinexys by JP Morgan, said, “This pilot is an important step towards establishing a framework for institutional-scale tokenised asset markets.
“To see widespread adoption of tokenised financial products, we need wholesale cross-industry collaboration across geographies, global banking infrastructure and public blockchains. We’re excited to continue working with Ondo, Ripple and Mastercard to bring this to life,” Chestnut added.
“As tokenised assets continue to see strong institutional momentum and engagement, the focus is quickly shifting to how tokenised commerce can operate at scale in real time,” said Raj Dhamodharan, executive vice president, Blockchain and Digital Assets at Mastercard. “With the Mastercard Multi‑Token Network, we’re enabling near real‑time, cross‑border settlement using existing bank accounts—bringing coordination, trust and interoperability to institutional on‑chain flows.”
