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

According to TechFlow TechFlow, on May 6th, Ondo Finance officially disclosed that Ondo, Kinexys by JP Morgan, Mastercard, and Ripple have completed a pilot transaction connecting XRP Ledger with an interbank clearing network. This marks the first time tokenized US Treasury bonds have achieved near real-time cross-border and interbank settlement, unaffected by traditional bank operating hours. Specifically, Ondo processed Ripple's OUGG redemption on the XRP Ledger, Mastercard's Multi-Token Network routed the instruction to Kinexys by JP Morgan, and JP Morgan subsequently delivered USD to Ripple's Singapore bank account.