Wall Street focuses on XRP ledger, traditional finance and crypto companies jointly complete a pilot

Crypto World News reports that traditional financial and crypto companies including JPMorgan Chase, Mastercard, Ripple, and Ondo Finance have completed a pilot project demonstrating the redemption of near real-time tokenized U.S. Treasury bond funds using the XRP Ledger (XRPL). Ripple’s Luke Judges stated, “Wall Street is engaging with the XRP Ledger.” The transaction aims to connect public blockchain networks with traditional banking systems, and the process is divided into three steps: Ondo Finance handles the redemption of Ripple’s OUSG tokenized short-term U.S. Treasury bond fund, Mastercard’s multi-token network routes the redemption instructions to JPMorgan’s blockchain division Kinexys, and finally JPMorgan transfers dollars into Ripple’s bank account in Singapore. This integration aims to address settlement efficiency issues in the $30 trillion U.S. Treasury market, where the total tokenized Treasury bonds currently amount to only $15 billion. Institutional participation is expanding, and the Depository Trust & Clearing Corporation (DTCC) plans to launch tokenization services in October.