Ondo Finance, a tokenized real-world assets platform, said Wednesday that it completed the first near-real time cross-border redemption of a tokenized U.S. Treasury fund with JPMorgan's blockchain infrastructure platform Kinexys, payments giant Mastercard, and blockchain company Ripple.
"This milestone represents the first time tokenized U.S. Treasuries have settled across borders and banks in near-real time and outside traditional banking windows," said Ondo President Ian De Bode, in a statement. "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."
Mastercard's Multi-Token Network facilitated the cross-border settlement by enabling interoperability between on-chain assets and traditional fiat money. Markus Infanger, senior VP of RippleX, emphasized how the transaction demonstrates that tokenized assets can move seamlessly between public blockchain infrastructure and the global financial system.
"When paired with global banking infrastructure, this pilot shows how institutions can execute cross-border transactions as a single, integrated flow," Infanger said.
Ondo Finance brings institutional-grade financial products on-chain, specializing in tokenizing traditional assets like U.S. Treasuries for qualified investors. Kinexys serves as JPMorgan's blockchain infrastructure platform, supporting settlement and correspondent banking network integration for institutional clients.
XRP, the native asset of XRP Ledger, is up about 1% on the day at a recent price of $1.42, pushing its monthly rise to about 6% as of this writing. It’s down about 61% since setting a new all-time high mark of $3.65 last July.
