Ondo, JPMorgan, Mastercard and Ripple Team to Settle Tokenized Treasuries on XRP Ledger

Ondo Finance, a tokenized real-world assets platform, said Wednesday that it completed the first near-real time cross-border redemption of a tokenized U.S. Treasury fund with JPMorgan’s blockchain infrastructure platform Kinexys, payments giant Mastercard, and blockchain company Ripple.

The transaction processed in under five seconds on the Ripple-backed XRP Ledger, according to the companies’ announcement. The pilot involved OUSG, Ondo’s tokenized U.S. Treasury fund available to accredited investors and qualified purchasers.

“This milestone represents the first time tokenized U.S. Treasuries have settled across borders and banks in near-real time and outside traditional banking windows,” said Ondo President Ian De Bode, in a statement. “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.”

Mastercard’s Multi-Token Network facilitated the cross-border settlement by enabling interoperability between on-chain assets and traditional fiat money. Markus Infanger, senior VP of RippleX, emphasized how the transaction demonstrates that tokenized assets can move seamlessly between public blockchain infrastructure and the global financial system.

“When paired with global banking infrastructure, this pilot shows how institutions can execute cross-border transactions as a single, integrated flow,” Infanger said.

The Ondo-JPMorgan collaboration reflects growing institutional momentum in asset tokenization. JPMorgan’s Kinexys platform has processed more than $3 trillion in total transactions, per its website, while major banks are rapidly scaling their tokenized deposit systems, with volumes growing from millions to billions over the past year. Just this week, the Depository Trust & Clearing Corporation (DTCC) said that it’s gearing up to launch a tokenization service later this year.

Ondo Finance brings institutional-grade financial products on-chain, specializing in tokenizing traditional assets like U.S. Treasuries for qualified investors. Kinexys serves as JPMorgan’s blockchain infrastructure platform, supporting settlement and correspondent banking network integration for institutional clients.

XRP, the native asset of XRP Ledger, is up about 1% on the day at a recent price of $1.42, pushing its monthly rise to about 6% as of this writing. It’s down about 61% since setting a new all-time high mark of $3.65 last July.