Ondo Finance Completes Near-Real-Time Tokenized U.S. Treasury Fund Exchange

Ondo Finance has announced the completion of a near-real-time tokenized U.S. Treasury fund exchange in collaboration with Kinexys by J.P. Morgan, Mastercard, and Ripple. According to Odaily, the pilot project involved Ripple exchanging its Ondo Short-Term U.S. Government Bond (OUSG) held on the XRP Ledger. Following the exchange, Ondo processed the transaction and sent fiat payment instructions via the Mastercard Multi-Token Network. The settlement was executed by Kinexys by J.P. Morgan's blockchain infrastructure, delivering U.S. dollar funds to Ripple's bank account in Singapore through its correspondent banking network. This project demonstrates the feasibility of integrating public blockchain infrastructure with interbank settlement systems, establishing a framework for global banks to utilize tokenized assets for 24/7 real-time cross-border settlements.