JPMorgan, Mastercard and Ripple Complete Cross-Border XRP Treasury Settlement Pilot

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JPMorgan, Mastercard and Ripple completed a cross-border XRP Treasury settlement pilot in which Ondo said the XRP Ledger leg processed in under five seconds. Ondo said Ripple redeemed part of its OUSG holdings on XRP Ledger and received USD in a Singapore bank account through Mastercard’s Multi-Token Network, Kinexys by J.P. Morgan, and J.P. Morgan’s correspondent banking network. Ondo described the May 6 test as the first near-real-time, cross-border, cross-bank redemption of a tokenized U.S. Treasury fund. Ondo did not disclose the redeemed amount, the exact timestamp, the Singapore bank, or whether the process is available beyond the pilot.

XRP0.54%
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