Ondo states that a May 6 pilot linked an OUSG redemption on XRP Ledger to a USD payout in Singapore via Mastercard and Kinexys by J.P. Morgan, adding operational detail to earlier institutional-settlement claims around XRP infrastructure.
UBS previously disclosed XRP-related exposure through Grayscale and Volatility Shares ETFs in a 13F filing, while new information adds operational detail to a separate pilot involving Ondo Finance, Ripple, Mastercard, and Kinexys by J.P. Morgan. According to Ondo, Ripple redeemed part of its Ondo Short-Term U.S. Government Treasuries holdings on XRP Ledger on May 6, with the onchain asset leg processing in under five seconds before a USD payout was routed through Mastercard’s Multi-Token Network, initiated on Kinexys, and delivered through J.P. Morgan’s correspondent banking network to Ripple’s Singapore bank account. Ondo described the transaction as the first near-real-time, cross-border, cross-bank redemption of a tokenized U.S. Treasury fund, but the release did not disclose the redemption size, exact timestamp, receiving bank, or whether the process is available beyond pilot participants. The update provides concrete structure for the previously unspecified JPMorgan-Mastercard pilot, while leaving the UBS ETF exposure unchanged as a separate sign of institutional engagement with XRP-linked products.