Fast Cross‑Border Treasury Swap on the XRP Ledger

Ondo Finance, JPMorgan’s Kinexys platform, Mastercard and Ripple teamed up to complete the first near‑real‑time cross‑border redemption of a tokenized U. S. Treasury fund on the XRP Ledger, finishing in under five seconds. The swap involved OUSG, Ondo’s U. S. Treasury fund designed for accredited investors, and was executed entirely outside the normal banking hours that usually take one to three business days. The process began with Ondo recording the redemption on the XRP Ledger. Mastercard’s Multi‑Token Network then forwarded the instructions to Kinexys, and JPMorgan transferred the dollars into Ripple’s Singapore bank account.“This partnership shows how public blockchain and traditional settlement systems can work together for 24/7 global markets, ” said Ondo’s president, highlighting the move toward seamless cross‑border tokenized asset flows. The pilot arrives as the Depository Trust & Clearing Corporation announced plans to launch its own tokenization service later this year, while JPMorgan’s Kinexys has already handled over $3 trillion in transactions and is driving a surge in tokenized deposits across major banks.