Ondo, JPMorgan, Mastercard and Ripple have completed a certified treasury pilot on the XRP Ledger.

Ondo Finance, Kinexis at JP Morgan, MasterCard and Ripley have completed a pilot transaction linking US Treasuries with XRP Ledger to the Interbank Settlement Infrastructure.

Ondo, Kinex with @jpmorgan, @Mastercard and @Ripple have successfully completed an impressive pilot transaction linking XRP ledgers to interbank settlement rails.

This triumph marks the first time US Treasuries have been settled by borders and banks in real-time… pic.twitter.com/BUjvWwHBGg

— Ondo Finance (@OndoFinance) May 6, 2026

The transaction involves Ripple redeeming a portion of Ondo's short-term US government treasury holdings with XRPL.

Ondo processed the redemption and sent the fiat payment instruction through Mastercard's Multi Token Network, which was routed by JP Morgan to Kinexys. Kinexys debited Ondon's blockchain deposit account and transferred the US dollar proceeds to a Ripple bank account in Singapore through JP Morgan's correspondent banking network.

The companies said the pilot demonstrated the first real-time, cross-border and cross-bank redemption of US Treasury funds outside of traditional banking windows.

Instead of relying on multiple wire transfers and manual redemption processes, the transaction demonstrates how tokenized assets can connect to public blockchain rails and traditional bank settlement systems in a single flow.

Kinexys is JP Morgan's blockchain platform for programmable payments, tokenized assets and real-time settlement in global markets. Ondo's OUSG product provides exposure to short-term US Treasuries and is available on the XRP Ledger.