JPMorgan Chase has joined forces with Ripple, Ondo Finance, and Mastercard to complete the first near-real-time, cross-border settlement of a tokenized U.S. Treasury fund — a pilot that links traditional banking infrastructure with the XRP Ledger and arrives just as the industry’s central clearinghouse prepares its own landmark tokenization trial.
How the Pilot Worked
In the transaction announced this week, Ripple redeemed its holdings of Ondo Short-term U.S. Government Bonds (OUSG) on the XRP Ledger, a public blockchain. Ondo then routed a fiat payment instruction through Mastercard’s Multi-Token Network, which was processed by JPMorgan’s Kinexys blockchain platform, delivering U.S. dollars to Ripple’s bank account in Singapore. The XRP Ledger processed the asset leg of the transaction in under five seconds, according to a press release from the participants.
“This marks a meaningful step forward in demonstrating that tokenized assets can move seamlessly between public blockchain infrastructure and the global financial system,” said Markus Infanger, senior vice president of RippleX. Ondo Finance said the milestone was the first time tokenized U.S. Treasuries had been settled across borders and banking institutions in real time and outside traditional banking windows.
DTCC Sets July Timeline for Broader Tokenization Pilot
The Treasury settlement pilot lands amid a broader push on Wall Street to bring real-world assets onto blockchains. The Depository Trust & Clearing Corporation, custodian for more than $114 trillion in securities, announced on May 4 that it will begin limited production trades of tokenized securities in July 2026, with a full commercial launch planned for October.
More than 50 firms have signed on, including BlackRock, Goldman Sachs, JPMorgan, Nasdaq, Circle, Ondo, and Ripple. The DTCC’s service, built on its ComposerX platform, will initially cover Russell 1000 constituents, major ETFs, and U.S. Treasury bills, bonds, and notes — all carrying the same entitlements and investor protections as traditionally held assets. The initiative operates under SEC no-action relief.
JPMorgan’s Expanding Blockchain Footprint
The pilot adds to a string of blockchain milestones for JPMorgan. Earlier this year, its USD-denominated deposit token, JPM Coin, went live on Base, the Ethereum Layer 2 blockchain built within Coinbase. The bank also launched MONY, a tokenized money market fund on Ethereum that allows subscriptions and redemptions using stablecoins. A senior JPMorgan executive said in April that tokenization would eventually become “a core part of the ETF ecosystem,” though meaningful use cases remain years away from full scale.
