Ripple, JPMorgan, Mastercard and Ondo pilot cross-border settlement of tokenized US Treasuries on XRP Ledger

Participants completed a pilot transaction on the XRP Ledger that recorded the first cross-border, cross-bank redemption/settlement of tokenized U.S. Treasuries in collaboration between Ripple, JPMorgan, Ondo Finance and Mastercard ^{[1] [2] [3]}.

According to reports, the pilot routed tokenized Treasury transfers on the XRPL alongside JPMorgan’s banking settlement operations and linked blockchain payments with institutional settlement systems, using real-time banking infrastructure to coordinate the transaction ^{[3] [1]}.

Ondo Finance described the transaction as a cross-border, interbank buyback involving JPMorgan’s Kinexys platform, framing the pilot as a demonstration of interoperability for tokenized real‑world assets on the XRPL ^{[4] [2]}.

Participants present the pilot as a milestone for connecting tokenized assets and traditional banking rails and as evidence of growing tokenization activity on the XRP Ledger ^{[1] [2] [3] [4]}.