The cross-border tokenized US Treasury transaction using blockchain and banking rails builds on an earlier pilot in which the same fund moved between a public and permissioned blockchain.
JPMorgan and Mastercard said they have completed the first cross-border, cross-bank redemption of a tokenized US Treasury fund, working with Ripple’s XRP Ledger and interbank settlement rails.
The pilot transaction involved blockchain tokenization platform Ondo Finance redeeming the US Ondo Short-Term US Government Treasuries (OUSG) fund for Ripple on the XRP Ledger. Mastercard’s Multi-Token Network routed settlement instructions to JPMorgan’s Kinexys platform, which delivered US dollars to Ripple’s Singapore bank account.
“For the first time, a public blockchain and global banking infrastructure settled a cross-border transaction of a tokenized fund together in real time,” Ondo Finance said Wednesday.
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