Ripple, JPMorgan and Mastercard complete cross-border settlement using tokenized Treasuries

Ripple, J.P. Morgan, Mastercard, and Ondo Finance have completed a pilot enabling near real-time cross-border settlement using tokenized U.S. Treasuries. According to a press release from Ondo, the transaction marked the first coordinated redemption of tokenized Treasury assets across both public blockchain infrastructure and traditional banking systems. XRPL executes asset leg as banks handle settlement As part of the pilot, Ripple redeemed tokenized U.S. Treasury assets issued by Ondo on the XRP Ledger. The blockchain processed the asset transfer in under five seconds. Also, fiat settlement was executed separately through Mastercard's Multi-Token Network and J.P. Morgan's Kinexys platform. Funds were ultimately delivered to Ripple's bank account via J.P. Morgan's correspondent banking network, completing a cross-border transaction flow that combined onchain execution with traditional financial rails. Bridging blockchain and banking infrastructure The pilot highlights a shift in how tokenized assets are handled. While blockchain-based assets can move instantly, redemption and settlement have historically relied on slower banking systems operating within fixed hours. This transaction demonstrates a unified model where blockchain activity can directly trigger fiat settlement without requiring separate manual processes or delays. The result is a system capable of operating across jurisdictions in near real time, including outside traditional banking windows. XRPL's growing role in tokenized asset markets The XRP Ledger's role in the pilot reflects its positioning as infrastructure for real-world asset activity. Recent data shows the network supports over $2.5 billion in tokenized asset value, alongside rising transfer volumes across both RWAs and stablecoins. This suggests the ledger is not only being used in isolated pilots but also is increasingly handling institutional-scale financial flows. Final Summary Ripple, JPMorgan, and Mastercard have completed a pilot enabling near real-time cross-border settlement using tokenized U.S. Treasuries. The development highlights how blockchain infrastructure, such as XRPL, is beginning to integrate with traditional banking systems to enable faster, continuous settlement.