Mastercard, Ripple, JPMorgan, and Ondo Finance Complete Real-Time Treasury Settlement

• Pilot used XRP Ledger and JPMorgan banking rails to settle tokenized U.S. Treasury transactions in seconds.
• Mastercard connected blockchain infrastructure with traditional banking systems for cross-border settlement workflows.
• Firms demonstrated 24/7 institutional settlement using tokenized assets across public blockchain and fiat networks.

Mastercard, Ripple, JPMorgan Chase, and Ondo Finance completed a cross-border settlement pilot connecting the XRP Ledger with traditional banking infrastructure. The transaction involved Ondo’s tokenized U.S. Treasury product and moved funds between institutions in near real time. The firms said the process operated outside traditional banking hours through integrated blockchain and banking systems.

Tokenized Treasury Redemption Runs Across XRPL

The pilot used Ondo Finance’s OUSG product, a tokenized short-term U.S. Treasury fund issued on the XRP Ledger. According to Ondo Finance, Ripple redeemed part of its OUSG holdings directly through the blockchain network.

Meanwhile, Mastercard’s Multi-Token Network routed settlement instructions to Kinexys by JPMorgan. The payment instructions then moved through JPMorgan’s blockchain-based settlement infrastructure.

JPMorgan later transferred U.S. dollar proceeds to Ripple’s Singapore bank account through correspondent banking rails. Ondo Finance stated the blockchain portion of the transaction completed in under five seconds.

Banking Rails And Blockchain Operate Together

According to Ripple, the pilot demonstrated how institutions can process cross-border settlements through one integrated workflow. One side of the transaction occurred on the public XRP Ledger, while banks handled the fiat settlement process.

Notably, the transaction settled outside standard banking windows. The participating firms said the structure could support financial markets operating continuously across time zones.

Mastercard stated the pilot connected public blockchain systems directly with interbank settlement rails. The company added that the initiative supports infrastructure designed for 24/7 financial activity.

Institutions Expand Tokenized Asset Settlement

The pilot marked the first reported cross-border settlement of tokenized U.S. Treasuries between banks in near real time. According to Ondo Finance President Ian De Bode, the transaction showed tokenized assets moving through both banking and blockchain systems simultaneously.

Additionally, RippleX Senior Vice President Markus Infanger said the transaction demonstrated integrated institutional settlement flows. Mastercard executive Raj Dhamodharan also referenced tokenized commerce operating in real-time environments.

The pilot follows Ripple’s broader treasury infrastructure efforts involving fiat currencies, RLUSD, XRP, and other digital assets.

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