Ripple, JPMorgan, Mastercard and Ondo finish historic tokenized Treasury settlement pilot
Ondo Finance, Ripple, JPMorgan and Mastercard have completed a pilot that settled a tokenized U.S. Treasury fund across borders in near real‑time. Using the XRP Ledger as the execution layer, Ripple redeemed the tokenized Treasury assets in under five seconds. Mastercard’s Multi‑Token Network relayed settlement instructions to traditional banking systems, and JPMorgan’s Kinexys infrastructure routed the fiat leg through its correspondent network to Ripple’s Singapore account, bypassing standard banking cut‑off windows.
The transaction demonstrates a unified model where blockchain activity directly triggers fiat settlement without manual reconciliation, pointing toward continuous 24/7 global markets and tighter integration of public blockchain infrastructure with regulated banking rails.