Ondo Finance, Ripple, Mastercard pilot real-time U.S. Treasury token redemption

Ondo Finance (ONDO) has announced the successful completion of a pilot program for the real-time redemption of its U.S. Treasury fund, in collaboration with JPMorgan's Kinexys, Mastercard, and Ripple. The pilot involved Ripple redeeming a portion of its OUSG tokens, Ondo's short-term U.S. Treasury token, on the XRP Ledger (XRPL). Ondo Finance then processed the transaction, with U.S. dollars deposited into Ripple's bank account via the Mastercard Multi-Token Network and JPMorgan's Kinexys. Ondo Finance stated that the pilot lays the foundation for a 24/7 global market by connecting public blockchains with interbank settlement networks.