JPMorgan, Ripple, Ondo Complete First Cross-Border Tokenized Treasury Settlement Using XRP Ledger

In a major XRP news, JPMorgan, Ripple, Mastercard, and Ondo Finance have completed a pilot transaction involving tokenized treasuries on the XRP Ledger (XRPL). This move comes as the tokenization wave grows, with the total RWA value on the XRPL rising.

XRP News: JPMorgan, Ripple, Ondo Complete Tokenized Treasury Transaction

In an X post, Ondo Finance announced that it had collaborated with JPMorgan’s tokenization arm, Kinexys, Ripple, and Mastercard to complete a landmark pilot transaction connecting the XRP Ledger to interbank settlement rails. The firm noted that this milestone marks the first time they have settled U.S. Treasuries across borders and banks in real-time and outside traditional banking windows.

As to how they carried it out, Ondo revealed that it processed Ripple’s OUSG redemption on the XRP Ledger, and that Mastercard’s Multi-Token Network then routed instructions to JPMorgan’s Kinexys. Following that, JPMorgan delivered USD to Ripple’s Singapore bank account.

Ondo Finance partnered with Ripple last year to introduce its Ondo Short-Term U.S. Government Bond (OUSG) on the XRP Ledger. Meanwhile, Ondo noted that tokenized assets are no longer separate from the global financial system. “For the first time, a public blockchain and global banking infrastructure settled a cross-border transaction of a tokenized fund together in real time,” the firm added.

This development comes as the tokenization trend continues to heat up. Notably, JPMorgan is currently one of the Wall Street giants leading this tokenization wave. The bank has already launched the tokenized deposit token JPM on the Base network and plans to expand to the Canton network.

‘It is About Scaling Adoption From Here On’

XRP Ledger validator Vet welcomed this move, noting that it was the first near-real-time, cross-border, and cross-bank redemption of a tokenized U.S. Treasury on XRP. In line with this, he remarked that it is really about scaling adoption from here on.

The XRPL is indeed seeing greater adoption as the total RWA value on the network climbs. RWA.xyz data shows that the total RWA value on the network has surpassed $3 billion, up over 78% in the last 30 days. Furthermore, as CoinGape reported, the U.S. tokenized treasuries on the network have surpassed $418 million, representing an 8x increase over the last year.

Meanwhile, Vet pointed out two Ripple transactions that relate to the OUSG redemption as part of the cross-border and cross-bank settlement funnel. He noted that the transactions settled for fractions of a penny within seconds, highlighting how fast and cheap blockchain transactions can be.

I checked Ondo on the $XRP Ledger, who is a native issuer of US treasuries here.

And indeed, i found 2 transactions by Ripple that seem to redeem OUSG recently, as part of the MasterCard and JPM cross border/bank settlement funnel !

The transactions settled for fractions of a… https://t.co/3vXEIGJVjO pic.twitter.com/bnRs4azb82

— Vet (@Vet_X0) May 6, 2026