Ondo Finance, JPMorgan, Mastercard and Ripple Pilot Cross-Border Redemption of Tokenized Treasury Fund on XRP Ledger

U.S. Treasury fund OUSG on the XRP Ledger, with the transaction settling in under five seconds. The pilot, run with JPMorgan’s Kinexys, Mastercard and Ripple, occurred outside traditional banking hours.

U.S. dollars to Ripple’s Singapore bank account. The redemption was processed on the XRP Ledger through a sequence that began with Ondo handling the transaction on-chain.

The entire flow happened beyond conventional banking windows, contrasting with typical cross-border settlements that take one to three business days via correspondent banks. U.S. Treasury fund built for accredited investors and qualified purchasers.

Ian De Bode, President of Ondo, said the collaboration demonstrates concrete progress toward always-open markets. "By connecting public blockchain infrastructure with interbank settlement rails, Ondo, Kinexys by JPMorgan, Mastercard, and Ripple are laying the groundwork for 24/7 global markets that never close," he stated. The pilot was announced on May 7, 2026.

Markus Infanger, senior VP at RippleX, highlighted the integrated nature of the transaction. "When paired with global banking infrastructure, this pilot shows how institutions can execute cross-border transactions as a single, integrated flow," he said. The effort links public blockchain systems directly to traditional settlement infrastructure.

JPMorgan's Kinexys platform has processed over $3 trillion in cumulative transactions. Tokenized deposit volumes across major banks grew to billions of dollars over the past year. The Depository Trust & Clearing Corporation (DTCC) will launch its own tokenization service later in 2026.

XRP was down as much as 2% in the past 24 hours as of May 7, 2026. CoinDesk reported the details of the pilot and its participants.