Overview
- Working together Wednesday, the firms linked a public blockchain to bank payment rails to redeem Ondo’s OUSG with on-chain finality in under five seconds and cash delivery to Ripple’s account in Singapore.
- Ripple redeemed OUSG on the XRP Ledger, Mastercard’s Multi‑Token Network sent the payout instruction to JPMorgan’s Kinexys, and Kinexys debited Ondo’s blockchain deposit account before sending U.S. dollars through JPMorgan’s correspondent network.
- Ousg represents a tokenized fund of short‑term U.S. Treasuries for accredited investors and qualified purchasers, and it has expanded from Ethereum, Polygon, and Solana to the XRP Ledger.
- Ondo President Ian De Bode said the pilot executed the first near‑real‑time, cross‑border, cross‑bank Treasury redemption outside normal banking windows and argued it points to 24/7 markets.
- Kinexys is JPMorgan’s blockchain settlement platform and it has processed more than $3 trillion in transactions, and industry momentum is growing as DTCC prepares a tokenization service later this year and JPM shares rose about 2% on the news.