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

According to OndoFinance's official blog, OndoFinance(Ondo) teamed up with Kinexysby J.P. Morgan, Mastercard and Ripple to complete the first near-real-time cross-border cross-bank exchange of tokenized U.S. Treasury funds. During the pilot project, Ripple redeemed its holdings of Ondo Short-Term U.S. Government Bonds (OUSG) on XRPLedger. After processing the exchange, Ondo sends fiat payment instructions through the Mastercard Multi-TokenNetwork, Kinexysby J.P. Morgan's blockchain infrastructure performs fund settlement, and delivers US dollar funds to Ripple's bank account in Singapore through its correspondent bank network. The project demonstrates the feasibility of public blockchain infrastructure working together with interbank settlement systems, establishing a framework for global banks to use tokenized assets for 24/7 real-time cross-border settlement.