A pilot involving Ripple, JPMorgan's Kinexys, Mastercard and Ondo Finance cleared a cross-border tokenized US Treasury redemption on the XRP Ledger in under five seconds.
Tokenized Treasury Pilot
The four firms completed the redemption of Ondo's tokenized Treasury fund OUSG outside traditional banking hours, according to CoinDesk.
Mastercard's Multi-Token Network routed the payment instructions, while JPMorgan's Kinexys engine then delivered dollars to Ripple's bank account in Singapore.
The XRPL leg of the transaction cleared in well under five seconds, even though it ran outside normal banking windows.
RLUSD (RLUSD) handled the actual settlement. A small slice of XRP (XRP) was used as a network fee, with tokenized US Treasuries on the XRP Ledger now exceeding $418 million, network data shows.
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Institutional Settlement Push
The pilot lands as the broader tokenized US Treasury market hits roughly $15.18 billion in value, a segment now drawing participation from BlackRock and JPMorgan's Kinexys.
Industry observers say the structure points toward 24/7 global markets, addressing gaps in the current T+1 settlement standard adopted in May 2024.
JPMorgan's Kinexys platform has now processed more than $3 trillion in cumulative transactions, and tokenized deposit volumes across major banks have climbed into the billions over the past year.
XRP barely moved on the news, trading near $1.42.
RLUSD Growth
RLUSD's footprint inside Ripple's enterprise stack has expanded sharply since launch. The stablecoin crossed $1 billion in market cap in early November 2025, less than a year after its December 2024 debut, hitting 1,278% year-to-date growth at the time.
By March 2026 it had climbed past $1.56 billion, picking up BlackRock's BUIDL fund as a settlement asset and LMAX Group as a collateral partner along the way.
SBI Holdings began distributing RLUSD in Japan on Mar. 31 through SBI VC Trade. Deutsche Bank integrated Ripple's payment infrastructure earlier in the year for cross-border wire transfers.
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