What to know:
- JPMorgan Mastercard conducted XRP Treasury Settlement on tokenized Treasuries with transactions finalized in less than five seconds using the XRP Ledger.
- Mastercard Multi-Token Network routed instruction on settlement to JPMorgan Kinexys with funds delivered into Ripple’s Singapore bank account.
- Global asset tokenization surpasses the $31.1 billion mark as ICE reveals its 24/7 blockchain trading plan.
JPMorgan and Mastercard have completed another important milestone in their ongoing partnership by executing a cross-border XRP Treasury Settlement using the XRP Ledger. The transaction was made using tokenized US Treasury assets, demonstrating the high speed of settlement between international financial institutions using blockchain technology.
According to a recent post by Token Metrics, a consortium of four companies, Ondo Finance, JPMorgan, Mastercard, and Ripple, has accomplished the world-first cross-border redemption of the Ondo Short-Term US Government Treasuries Fund. The transaction used the XRP Ledger, enabling settlement in under five seconds and highlighting efficiency gains from blockchain-based infrastructure over conventional financial systems.
Mastercard’s Multi-Token Network has transmitted the settlement instructions to JPMorgan’s Kinexys platform, which then delivered the US dollar to the bank account of Ripple located in Singapore. The operation demonstrated the capabilities of blockchain-enabled payments infrastructure in ensuring synchronization of settlements in different financial institutions’ infrastructures.
Institutional Expansion of XRP Treasury Settlement in Tokenized Markets
Ondo Finance stated that a public blockchain and global banking infrastructure jointly settled a cross-border transaction of a tokenized fund in real time. The event demonstrates growing convergence between decentralized systems and legacy finance, with XRP Treasury Settlement emerging as a cornerstone of programmable finance.
The initiative follows an agreement signed in May 2025 between JPMorgan and Ondo Finance regarding transfers of tokenized US Treasury assets between the public and permissioned blockchain networks. The most recent development aims at continuing testing interoperability, paving the way towards integration of blockchain and financial institutions for large-scale XRP Treasury Settlement projects.
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Growing Institutional Momentum in Real-World Asset Tokenization
Real-world asset tokenization continues gaining institutional interest, with Wall Street firms exploring tokenization of stocks, bonds, money market funds, and real estate. Currently, the total on-chain value of real-world asset tokenization, without counting stablecoins, equals over $31.1 billion as per RWA.xyz data. Projections about future growth vary greatly, suggesting multi-trillion-dollar growth in the upcoming decade.
Intercontinental Exchange, the owner of the New York Stock Exchange, said back in January of this year that it would start operations of a tokenization platform allowing 24/7 trading and instant settlement of stock and ETFs using blockchain post-trade systems.
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