Ripple and JPMorgan Complete First Cross-Border Tokenized Treasury Redemption on XRP Ledger

Ripple, JPMorgan, Ondo Finance, and Mastercard have completed a near real time cross-border redemption of a tokenized US Treasury fund on the XRP Ledger, marking a major development in blockchain-based financial settlement infrastructure.

The pilot involved Ondo Finance’s OUSG tokenized Treasury fund and settled in less than five seconds. The transaction began with Ondo processing the redemption on the XRP Ledger before Mastercard’s Multi-Token Network transmitted settlement instructions to JPMorgan’s Kinexys blockchain platform. JPMorgan then transferred US dollars to Ripple’s Singapore banking account.

Tokenized Asset Settlement Moves Beyond Traditional Banking Hours

The transaction was completed outside normal banking windows, highlighting how blockchain infrastructure can reduce settlement times that traditionally take one to three business days through correspondent banking systems.

Ondo Finance said the pilot demonstrates how public blockchain networks and institutional banking rails can operate together to support 24/7 global financial markets. Ripple executives added that the process showed tokenized asset transfers can function as a single integrated workflow instead of relying on fragmented legacy systems.

The development comes as institutional interest in tokenized finance continues to grow. JPMorgan’s Kinexys platform has already processed more than $3 trillion in cumulative transactions, while major financial firms increasingly explore blockchain-based settlement systems and tokenized assets.