Ripple Completes Cross-Border XRP Treasury Settlement Pilot with JPMorgan and Mastercard

Ripple, in collaboration with JPMorgan and Mastercard, has successfully completed a pilot for cross-border XRP Treasury settlement. According to NS3.AI, the XRP Ledger processed transactions in under five seconds during the pilot. Ripple redeemed part of its OUSG holdings on the XRP Ledger and received USD in a Singapore bank account through Mastercard's Multi-Token Network, Kinexys by J.P. Morgan, and J.P. Morgan's correspondent banking network. Ondo described the May 6 test as the first near-real-time, cross-border, cross-bank redemption of a tokenized U.S. Treasury fund. However, details such as the redeemed amount, the exact timestamp, the Singapore bank involved, and the availability of the process beyond the pilot were not disclosed.