JPMorgan, Mastercard Complete First Cross-Border Tokenized Treasury Transfer via XRP Ledger

Ondo Finance’s OUSG is a tokenized fund backed by short-term U.S. Treasuries, allowing qualified investors to hold and redeem Treasury exposure onchain. The pilot linked the XRP Ledger’s public-blockchain asset flow to the banking settlement rails of Mastercard and JPMorgan, demonstrating that real-world assets could overcome the one-to-three-business-day settlement times and operating-hour constraints of traditional cross-border transfers.

On May 6, 2026, Ondo, Ripple, Mastercard and JPMorgan’s Kinexys announced the first near-instant, cross-border and interbank redemption of OUSG. The transaction value was not disclosed. Ripple redeemed the asset on XRPL, with the asset leg completed in under five seconds. Mastercard Multi-Token Network sent the instruction to Kinexys, after which JPMorgan transferred U.S. dollars into Ripple’s bank account in Singapore.