Fast Cross‑Border Treasury Swap on the XRP Ledger

Ondo Finance, JPMorgan’s Kinexys platform, Mastercard and Ripple completed the first near‑real‑time cross‑border redemption of a tokenized U.S. Treasury fund on the XRP Ledger, finishing in under five seconds.

How It Worked

1. Ondo recorded the redemption on the XRP Ledger.
2. Mastercard’s Multi‑Token Network forwarded the instructions to Kinexys.
3. 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.

Key Details

• Asset: OUSG, Ondo’s U.S. Treasury fund for accredited investors.
• Execution Time: < 5 seconds (outside normal banking hours).
• Traditional Banking Delay: 1–3 business days.

Industry Impact

• The pilot precedes the DTCC’s planned tokenization service launch later this year.
• Kinexys has already handled over $3 trillion in transactions, driving a surge in tokenized deposits across major banks.