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Ondo Finance said it completed the first near-real-time cross-border redemption of its tokenized U.S. Treasury fund using JPMorgan’s blockchain platform Kinexys, with payments firm Mastercard and blockchain company Ripple also involved. The transaction settled in under five seconds on the XRP Ledger.
The redemption involved OUSG, Ondo’s tokenized U.S. Treasury fund for accredited investors and qualified purchasers. Ondo processed the redemption on the XRP Ledger, after which Mastercard’s Multi-Token Network routed the instructions to Kinexys. JPMorgan then delivered the U.S. dollars to Ripple’s Singapore bank account.
Ondo said the sequence was designed to operate outside traditional banking windows. Cross-border settlement through correspondent banks typically takes one to three business days.
“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,” Ondo President Ian De Bode said in a statement.
Markus Infanger, senior vice president at RippleX, said the transaction demonstrates that institutions can execute cross-border tokenized asset transfers as a single integrated flow rather than stitching together multiple legacy systems.
The pilot comes as the Depository Trust & Clearing Corporation (DTCC) said earlier this week it would launch its own tokenization service later this year.
JPMorgan’s Kinexys platform has processed more than $3 trillion in cumulative transactions. The article also noted that tokenized deposit volumes across major banks have moved into the billions of dollars over the past year.
In the past 24 hours, XRP and ONDO were down by as much as 2%, alongside a broader pullback across the crypto market.
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