JPMorgan, Mastercard, Ripple, and Ondo Finance have successfully executed a live cross-border redemption of tokenized U.S. Treasuries on the XRP Ledger. The transaction, completed on May 6, 2026, involved the asset leg settling in approximately 4.2 seconds before routing fiat settlement through JPMorgan’s Kinexys platform to a DBS Bank account in Singapore. This pilot demonstrates the potential for around-the-clock institutional settlement, bypassing conventional banking hours. The tokenized instrument used was Ondo Finance’s OUSG, which manages $250 million in assets backed by short-term U.S. Treasuries. This marks the first instance of a public blockchain serving as the transport layer for a tokenized real-world asset redemption that terminates directly on JPMorgan’s institutional cash rails. The pilot highlights the integration of the XRP Ledger with global banking infrastructure, paving the way for 24/7 global financial markets.