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

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ME News Report, May 7 (UTC+8), according to Ondo Finance’s official blog, Ondo Finance (Ondo) partnered with Kinexys by J.P. Morgan, Mastercard, and Ripple to complete the first near real-time cross-border, cross-bank tokenized U.S. Treasury bond exchange. In this pilot project, Ripple exchanged its holdings of Ondo short-term U.S. government bonds (OUSG) on the XRP Ledger. After the exchange, Ondo sent fiat payment instructions via Mastercard Multi-Token Network, which were executed by Kinexys by J.P. Morgan’s blockchain infrastructure for fund settlement, and 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. (Source: ChainCatcher)

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