Ripple, JPMorgan settle first cross-border tokenized Treasury redemption on XRP Ledger

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Ripple, JPMorgan settle first cross-border tokenized Treasury redemption on XRP Ledger The pilot, run with Ondo Finance and Mastercard, processed the redemption of Ondo's OUSG tokenized Treasury fund in under five seconds. By Shaurya Malwa | Edited by Sam Reynolds Updated May 7, 2026, 5:17 a.m. Published May 7, 2026, 4:58 a.m. 2 min read Make preferred on What to know : Ondo Finance, working with JPMorgan’s Kinexys, Mastercard and Ripple, completed a near-real-time cross-border redemption of its tokenized U.S. Treasury fund OUSG on the XRP Ledger. The transaction, which settled in under five seconds and outside traditional banking hours, routed instructions via Mastercard’s Multi-Token Network before JPMorgan delivered dollars to Ripple’s Singapore bank account. The pilot underscores how linking public blockchains with interbank settlement rails could enable 24/7 global markets, as tokenized deposit volumes grow and DTCC prepares to launch its own tokenization service. A key piece of financial infrastructure stitching tokenized assets to traditional banking got a real cross-border test this week. Ondo Finance said Wednesday it had completed the first near-real-time cross-border redemption of a tokenized U.S. Treasury fund alongside JPMorgan's blockchain platform Kinexys, payments giant Mastercard, and Ripple. The transaction settled in under five seconds on the XRP Ledger and involved OUSG, Ondo's tokenized U.S. Treasury fund built for accredited investors and qualified purchasers. The pipeline started with Ondo processing the redemption on the XRP Ledger, after which Mastercard's Multi-Token Network routed the instructions to Kinexys, and JPMorgan delivered the U.S. dollars to Ripple's Singapore bank account. The whole sequence happened outside traditional banking windows, the kind of cross-border settlement that typically takes one to three business days through correspondent banks. "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," said Ondo President Ian De Bode in a statement. Markus Infanger, senior VP at RippleX, said the transaction shows institutions can run cross-border tokenized asset moves as a single integrated flow rather than stitching them together through legacy systems. The pilot lands 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 now processed over $3 trillion in cumulative transactions, with tokenized deposit volumes across major banks moving to billions of dollars over the past year. XRP and ONDO were down as much as 2% in the past 24 hours alongside a broader pullback across the crypto market. XRP News Ripple JPMorgan More For You Dogecoin slides 4%, bitcoin rally pauses as Iran ceasefire optimism lifts equities By Shaurya Malwa | Edited by Sam Reynolds 45 minutes ago Crypto majors took a breather Thursday after a strong run, with bitcoin holding around $81,000 and ether slipping below $2,330 as global equities pushed to fresh records on hopes of a US-Iran deal. What to know : Major cryptocurrencies paused their recent rally, with bitcoin slipping below $81,000 and ether and dogecoin retreating even as weekly gains remained solid. Global equities climbed to fresh records on optimism over a potential U.S.-Iran cease-fire and strong corporate earnings, while oil eased and gold extended its surge on rate-cut hopes. Read full story Latest Crypto News Dogecoin slides 4%, bitcoin rally pauses as Iran ceasefire optimism lifts equities 45 minutes ago AI agents becoming more relevant than humans by 2035 has Big Tech 'terrified', says Hoskinson 6 hours ago Grant Cardone says bitcoin-real estate strategy could outperform REITs, adds more BTC to treasury 6 hours ago Nasdaq's president says the SEC’s new crypto stance is letting markets 'build' again 6 hours ago Wall Street's clearinghouse seeks 'high-performance' blockchains to tokenize corporate actions 6 hours ago Crypto’s mainstream moment has arrived, say industry leaders speaking at Consensus Miami 7 hours ago Top Stories White House targets July 4 for Clarity Act passage, says crypto adviser Patrick Witt 8 hours ago Eric Trump takes shot at JPMorgan rethinking bitcoin after 'crapping' on asset 11 hours ago Bullish’s Equiniti deal could remake it into a tokenization powerhouse, Clear Street says 17 hours ago U.S. Bitcoin Reserve update coming in 'next few weeks," White House adviser says 7 hours ago Bitcoin moves above $82,000 while ZEC and DASH post double-digit rallies 18 hours ago Morgan Stanley brings crypto trading with lower fees than rivals 16 hours ago