Ondo Finance completes the first tokenized U.S. Treasury cross-border interbank exchange with JPMorgan, Mastercard, and Ripple

According to the official blog of Ondo Finance, Ondo Finance (Ondo) has completed its first near-real-time tokenized U.S. Treasury fund cross-border interbank exchange in collaboration with Kinexys by J.P. Morgan, Mastercard, and Ripple.

In this pilot project, Ripple exchanged its Ondo short-term U.S. government bonds (OUSG) held on the XRP Ledger. After processing the exchange, Ondo sent fiat payment instructions via the Mastercard Multi-Token Network, with the settlement of funds executed by the blockchain infrastructure of Kinexys by J.P. Morgan, and the U.S. dollar funds delivered to Ripple's bank account in Singapore through its correspondent banking network.

This project demonstrates the feasibility of public blockchain infrastructure working in conjunction with interbank settlement systems, establishing a framework for global banks to utilize tokenized assets for 24/7 real-time cross-border settlements.