Ondo Finance completes its first cross-border, cross-bank tokenized U.S. Treasury bond exchange with JPMorgan Chase, Mastercard, and Ripple

Odaily Planet Daily News reports that, according to Ondo Finance’s official blog, Ondo Finance (Ondo), together with Kinexys by J.P. Morgan, Mastercard, and Ripple, has completed its first near real-time cross-border, cross-bank exchange of a tokenized U.S. Treasury fund. In this pilot project, Ripple exchanged its Ondo short-term U.S. government bonds (OUSG) held on the XRP Ledger. After Ondo processed the exchange, it sent fiat payment instructions via Mastercard Multi-Token Network, which were used by the blockchain infrastructure of Kinexys by J.P. Morgan to execute fund settlement, and the USD funds were delivered to Ripple’s bank account in Singapore through its correspondent banking network. The project demonstrated the feasibility of public blockchain infrastructure working in tandem with interbank settlement systems, establishing a framework for global banks to utilize tokenized assets for 24/7 real-time cross-border settlement.

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