According to the official blog of Ondo Finance, Ondo Finance (Ondo), in collaboration with Kinexys by J.P. Morgan, Mastercard, and Ripple, completed the first near-real-time cross-border interbank exchange of tokenized U.S. Treasury bonds. In this pilot project, Ripple exchanged its holdings of Ondo Short-Term U.S. Government Bonds (OUSG) on the XRP Ledger. After processing the exchange, Ondo sent a fiat currency payment instruction through the Mastercard Multi-Token Network. Kinexys by J.P. Morgan's blockchain infrastructure executed the fund settlement, and the USD funds were delivered to Ripple's bank account in Singapore through its correspondent banking network. This project demonstrates the feasibility of public blockchain infrastructure working in conjunction with interbank settlement systems, establishing a framework for global banks to conduct 24/7 real-time cross-border settlements using tokenized assets.