Ondo Finance completes the first cross-border, cross-bank exchange of tokenized U.S. Treasury bonds with JPMorgan, Mastercard, and Ripple

Odaily reports that, according to an official blog post by Ondo Finance, Ondo Finance (Ondo), in collaboration with Kinexys by J.P. Morgan, Mastercard, and Ripple, has completed the first near real-time cross-border, cross-bank exchange of a tokenized U.S. Treasury fund. In this pilot program, Ripple exchanged its Ondo Short-Term U.S. Government Bond (OUSG) holdings on the XRP Ledger. After Ondo processed the exchange, a fiat payment instruction was sent via Mastercard Multi-Token Network. The funds were settled by Kinexys by J.P. Morgan's blockchain infrastructure, and the U.S. dollars were delivered to Ripple's bank account in Singapore through its correspondent banking network. This project demonstrates the feasibility of public blockchain infrastructure working in tandem with interbank settlement systems, establishing a framework for global banks to leverage tokenized assets for 24/7 real-time cross-border settlement.