Ondo Finance has successfully executed the first near-real-time cross-border redemption of a tokenized U.S. Treasury fund, collaborating with JPMorgan, Mastercard, and Ripple. The pilot project involved Ripple redeeming its Ondo Short-term U.S. Government Bonds (OUSG) on the XRP Ledger. Following the redemption, Ondo utilized the Mastercard Multi-Token Network to send a fiat payment instruction, which was processed by JPMorgan's Kinexys blockchain infrastructure, settling funds and delivering U.S. dollars to Ripple's bank account in Singapore. This initiative highlights the potential for integrating public blockchain infrastructure with traditional interbank settlement systems, paving the way for global banks to facilitate 24/7 real-time cross-border settlements using tokenized assets.