Ondo Finance, together with JPMorgan Chase, Mastercard, and Ripple, completed the first cross-border, interbank exchange of tokenized US Treasury bonds.

According to Huoxun Finance's official blog, Ondo Finance, in collaboration with Kinexys by JP Morgan, Mastercard, and Ripple, completed the first near-real-time cross-border interbank exchange of tokenized US Treasury bonds. In this pilot project, Ripple exchanged its holdings of Ondo Short-Term US Government Bonds (OUSG) on the XRP Ledger. After processing the exchange, Ondo sent a fiat currency payment instruction through the Mastercard Multi-Token Network. Kinexys by JP Morgan's blockchain infrastructure executed the settlement, and the USD funds were delivered to Ripple's bank account in Singapore through its correspondent banking network. This project demonstrates the feasibility of public blockchain infrastructure working in conjunction with interbank settlement systems, establishing a framework for global banks to conduct 24/7 real-time cross-border settlements using tokenized assets.