Ondo Global Markets
Ondo Finance announced Wednesday that it completed the transaction in partnership with JPMorgan’s blockchain platform Kinexys, Mastercard and Ripple.
The redemption involved Ondo Short-Term U.S. Government Treasuries (OUSG), a tokenized Treasury product designed for accredited investors and qualified purchasers.
The transaction settled on the XRP Ledger in under five seconds, far faster than the one-to-three business days typically required for cross-border settlements through correspondent banking networks.
Ondo processed the redemption on-chain before Mastercard’s Multi-Token Network routed payment instructions to Kinexys. JPMorgan then transferred U.S. dollar funds to Ripple’s banking partner in Singapore.
The pilot demonstrates how tokenized assets and traditional banking rails can operate together in a continuous, around-the-clock settlement environment outside standard banking hours.
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