JPMorgan and Mastercard Test Cross-Border Payments Using Tokenized Treasuries on XRP Ledger

JPMorgan and Mastercard have completed a first-of-its-kind cross-border redemption involving a tokenized U.S. Treasury fund, using the XRP Ledger alongside traditional interbank settlement systems.

In the pilot, Ondo Finance redeemed its short-term U.S. government Treasuries fund on behalf of Ripple. Mastercard facilitated the routing of the settlement to JPMorgan, which then transferred U.S. dollars in real time to Ripple’s Singapore account.

Ondo Finance described the transaction as the first coordinated settlement of a tokenized fund between a public blockchain network and global banking infrastructure.

Source: X (formerly Twitter)