Overview
- The consortium, which disclosed the pilot Wednesday, completed what it called the first cross-border, cross-bank redemption of tokenized U.S. Treasuries.
- Ripple redeemed Ondo’s OUSG on the XRP Ledger, with the on-chain step finalizing in under five seconds outside normal banking hours.
- Mastercard’s Multi-Token Network turned the on-chain redemption into payment instructions that JPMorgan’s Kinexys used to deliver U.S. dollars to Ripple’s bank account in Singapore.
- OUSG is a token that represents short-term U.S. Treasury holdings and is limited to accredited investors, giving institutions a way to move fund shares on a public blockchain.
- Large-market plumbing is taking shape as JPMorgan says Kinexys has processed more than $3 trillion to date and DTCC plans a tokenization service later this year.