According to Ondo Finance’s official blog, the company has completed its first cross-border transaction for a near-real-time tokenized U.S. Treasury bond fund with Kinexys via J.P. Morgan, Mastercard, and Ripple. During the pilot, Ripple exchanged its holdings of Ondo short-term U.S. government bonds (OUSG) on the XRP Ledger. Ondo processed the redemption, and sent fiat payment instructions via Mastercard Multi-Token Network, which were cleared and executed through blockchain infrastructure of Kinexys by J.P. Morgan, delivering funds in USD to Ripple’s bank account in Singapore.

Wu Shuo learned that Ondo Finance announced that it has completed its first near real-time cross-border, cross-bank tokenized U.S. Treasury fund redemption pilot with JPMorgan Chase’s Kinexys, Mastercard, and Ripple. Ripple redeemed part of the OUSG on the XRP Ledger, and the XRPL processed the asset-side transaction within 5 seconds; the related fiat settlement was triggered via Mastercard’s multi-token network and initiated by JPMorgan Chase’s Kinexys, ultimately settling the USD funds cross-border through JPMorgan Chase’s correspondent banking network to Ripple’s Singapore bank account.