Key Points
- JPMorgan, Mastercard, Ripple, and Ondo completed cross-border tokenized Treasury redemption on XRPL in 4.2 seconds.
- Pilot linked public blockchain asset settlement with institutional bank rails for 24/7 markets.
JPMorgan, Mastercard, Ripple, and Ondo Finance executed a live cross-border redemption of tokenized U.S. Treasuries on the XRP Ledger on May 6, 2026.
The asset leg settled in approximately 4.2 seconds before fiat funds were routed through JPMorgan’s Kinexys platform to a DBS Bank account in Singapore, outside standard U.S. banking hours.
The redeemed asset was Ondo Finance’s OUSG, a tokenized product backed by short-term U.S. Treasuries.
As of May 2026, OUSG held roughly $250 million in assets under management, carried an average maturity of 100 days, and offered a 4.8% yield, with more than 1,200 institutional holders.
The transaction represents a public blockchain serving as the transport layer for a tokenized real-world asset redemption that settles directly onto institutional banking infrastructure.
Unlike previous tokenization efforts conducted on permissioned or proprietary systems, this structure combined public ledger execution with traditional interbank rails.
Hybrid Settlement Structure Linking Blockchain and Bank Rails
Ondo initiated the redemption of OUSG tokens natively on the XRP Ledger, with settlement completed in RLUSD, Ripple’s USD-pegged stablecoin.
Network fees were paid in XRP, while the stablecoin handled the value transfer of the asset leg.
At the same time, Mastercard’s Multi-Token Network transmitted settlement instructions to JPMorgan’s Kinexys system.
Kinexys then transferred U.S. dollars to Ripple’s DBS Bank account in Singapore, completing the fiat side of the transaction.
Launched in October 2024, Kinexys had processed $1.2 billion in tokenized deposits prior to this integration.
This marked its first reported connection to a public blockchain outside JPMorgan’s private Onyx framework used for JPM Coin operations.
The architecture combined asset movement on the XRP Ledger under a permissioned validator configuration aligned with regulatory guidance, while dollar settlement flowed through correspondent banking channels.
This structure separates real-time blockchain execution from compliance and identity processes tied to established financial institutions.
The pilot followed earlier institutional tests involving the XRP Ledger.
In November 2025, Mastercard, Ripple, WebBank, and Gemini conducted an RLUSD credit card settlement pilot on the network.
In March 2026, Ripple and Archax settled £100 million in tokenized gilts on XRPL in a 20-second cross-border transaction.
Ondo had also launched OUSG on the XRP Ledger in June 2025, designing the product to support redemptions in RLUSD.
