Ondo, JPMorgan, Mastercard and Ripple complete tokenized Treasury pilot on XRP Ledger

Ondo Finance, Kinexys by J.P. Morgan, Mastercard and Ripple completed a pilot transaction linking tokenized US Treasuries on the XRP Ledger with interbank settlement infrastructure.

Ondo, Kinexys by @jpmorgan, @Mastercard, & @Ripple successfully completed a landmark pilot transaction connecting the XRP ledger with interbank settlement rails.

This milestone marks the first time tokenized U.S. Treasuries have settled across borders and banks in near real time… pic.twitter.com/BUjvWwHBGg

— Ondo Finance (@OndoFinance) May 6, 2026

The transaction involved Ripple redeeming a portion of its Ondo Short Term US Government Treasuries holdings on XRPL.

Ondo processed the redemption and sent the fiat payout instruction through Mastercard’s Multi Token Network, which routed it to Kinexys by J.P. Morgan. Kinexys debited Ondo’s blockchain deposit account and delivered USD proceeds to Ripple’s bank account in Singapore through J.P. Morgan’s correspondent banking network.

The companies said the pilot marked the first near real time, cross border and cross bank redemption of a tokenized US Treasury fund outside traditional banking windows.

The transaction shows how tokenized assets can interact with public blockchain rails and traditional bank settlement systems in a single flow, instead of relying on separate wire transfers and manual redemption processes.

Kinexys is J.P. Morgan’s blockchain platform for programmable payments, tokenized assets and near real time settlement across global markets. Ondo’s OUSG product provides tokenized exposure to short term US Treasuries and is available on XRP Ledger.