JPMorgan and Mastercard Complete Historic Cross-Border Tokenized Fund Settlement

[cryptohog]

JPMorgan and Mastercard have completed the first-ever cross-border, cross-bank redemption of a tokenized US Treasury fund, marking a major milestone in the integration of blockchain technology with traditional finance. The transaction involved Ondo Finance's OUSG fund being redeemed for Ripple on the XRP Ledger, with Mastercard's Multi-Token Network routing settlement instructions to JPMorgan's Kinexys platform, which then delivered US dollars to Ripple's Singapore bank account — all in real time.

This pilot demonstrates that public blockchain networks and global banking infrastructure can work together to settle cross-border transactions simultaneously, something that has never been done before. The collaboration between crypto firms and traditional financial institutions reflects a shared push toward faster, lower-cost payment and settlement systems that operate outside conventional banking hours.

[madtrader]

JPMorgan, Mastercard, Ondo, and Ripple walked into a transaction and made history, the crossover episode nobody predicted

[madtrader]

Ripple involved in a JPMorgan and Mastercard milestone transaction, the legal journey to get here was very long