- Financial giants JPMorgan and Mastercard executed the first cross-border, cross-bank redemption of a tokenized US Treasury fund on June 24, 2025.
- The pilot utilized the XRP Ledger and Ondo Finance‘s OUSG fund, achieving real-time settlement via Mastercard‘s Multi-Token Network and JPMorgan‘s Kinexys platform.
- While tokenized assets onchain exceed $31.1 billion, the IMF and investors warn regulatory clarity is needed for widespread adoption.
In a landmark pilot on Wednesday, Wall Street titans JPMorgan and Mastercard successfully completed the first cross-border, cross-bank redemption of a tokenized US Treasury fund. This transaction leveraged Ripple‘s XRP Ledger alongside traditional interbank settlement rails.
Ondo Finance redeemed its OUSG fund for Ripple on the public blockchain. “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.
Consequently, Mastercard‘s network routed instructions to JPMorgan‘s Kinexys platform to deliver USD to Ripple‘s account in Singapore. This builds on a ChainLink-kinexys-by-jp-morgan-and-ondo-finance-team-up-to-bring-bank-payment-rails-to-tokenized-asset-markets-302455268.html” rel=”nofollow noopener”>previous pilot in May 2025.
Interest in tokenizing stocks, bonds, and real estate is surging among Wall Street leaders. More than $31.1 billion in real-world assets is currently tokenized onchain, data shows.
However, the International Monetary Fund flagged concerns in an April report. It warned tokenization shifts risk to shared ledgers and smart contracts, complicating interventions during crises.
Meanwhile, investor Kevin O’Leary stated significant capital awaits US crypto market structure legislation. “When that occurs, it’s going to change everything,” O’Leary said at Consensus Miami 2026.
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