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Ripple has demonstrated a cross-border settlement workflow in a pilot involving Mastercard and JPMorgan’s blockchain infrastructure platform, using tokenized U.S. Treasury exposure and on-chain-to-fiat routing to complete a single uninterrupted transaction flow.
In the pilot, Ripple redeemed a portion of its holdings in OUSG—Ondo Finance’s Short-Term U.S. Government Treasuries fund—directly on the XRP Ledger. OUSG is described as a tokenized product available to accredited investors and qualified purchasers.
Ondo processed the redemption and issued a fiat payout instruction through Mastercard’s Multi-Token Network (MTN), which is designed to support interoperability between on-chain assets and traditional money movement systems.
Mastercard’s MTN then routed the instruction to Kinexys by JPMorgan, JPMorgan’s blockchain infrastructure platform. The announcement cited that Kinexys has processed more than $3 trillion in cumulative transactions.
Kinexys debited Ondo’s Blockchain Deposit Account and delivered U.S. dollar proceeds to Ripple’s bank account in Singapore via its correspondent banking network. The transaction included one leg settled on a public blockchain and another settled on institutional banking rails, completed within the same continuous flow.
The pilot arrives as tokenized real-world assets (RWA) continue to expand. Tokenized U.S. Treasuries crossed the $10 billion mark for the first time on February 11, 2026, and were reported at approximately $12.88 billion by early April, according to TheStreet Crypto—an increase of 225% over 15 months.
Over the same period, the broader tokenized RWA market rose 256.7%, from $5.42 billion at the start of 2025 to $19.3 billion by the end of Q1 2026.
Despite this growth, the article notes that redemption infrastructure has lagged, remaining dependent on wire transfers, manual processes, and fixed banking windows. The pilot is presented as an effort to address that gap by integrating on-chain settlement with traditional banking execution.
Markus Infanger, SVP of RippleX, said in the release that the XRP Ledger enables real-time asset movement and that, when paired with global banking infrastructure, the pilot shows how institutions can execute cross-border transactions as a single integrated flow rather than a sequence of siloed instructions across separate systems.
The article also references a separate announcement from the DTCC that it plans to launch its own tokenization service later in 2026, describing it as a sign that infrastructure build-out is accelerating across the industry.
The development is described as a pivotal moment for the sector and for the XRP Ledger’s positioning within institutional finance. The article says whether the XRPL’s role in this pilot becomes a sustained and expanded use case will depend on how many additional cross-border tokenized asset transactions adopt the same architecture and how quickly regulatory and banking frameworks align with the capabilities the technology already provides.
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