Ripple, JPMorgan Chase, and others are using XRP Ledger to enable international redemption of tokenized government bond funds.

According to Mars Finance, as reported by The Block, JPMorgan Chase, Ripple, Mastercard, and Ondo Finance have collaborated to complete a pilot transaction for the cross-border transfer of tokenized U.S. Treasury bonds. This pilot utilizes the XRP Ledger and an interbank payment network, enabling institutions to execute cross-border transactions in a single integrated process. Ripple stated that this is a successful demonstration of combining the XRP Ledger with global banking infrastructure. The transaction process is as follows: Ondo first redeemed Ripple's bonds for its OUSG on-chain fund on the XRP Ledger; OUSG is a tokenized U.S. Treasury bond product. Subsequently, Mastercard's multi-token network transmitted instructions through JPMorgan Chase's blockchain payment platform, Kinexys, ultimately leading to JPMorgan Chase delivering the US dollars to Ripple's Singapore bank account.