Ondo Finance, Kinexys by JP Morgan, Mastercard, and Ripple completed a pilot transaction on May 6th to connect the XRP Ledger to traditional interbank payment rails.
According to Ondo Finance, the operation processed redemptions of OUSG, a tokenized US government bond fund, directly on the XRP public chain.
According to the sequence described by Ondo Finance: The transaction took place in three steps:
- Ondo processed the OUSG ransom on the XRP Ledger.
- Mastercard’s multi-token network has been routed to Kinexys by JPMorgan
- JP Morgan transferred the dollars to Ripple’s bank account in Singapore.
Ondo Finance is a real world asset (RWA) tokenization protocol backed by the US Treasury that issues products such as OUSG. your participation This work is important because it acts as a bridge between markets. Traditional capital and public blockchain infrastructure.
JPMorgan’s Kinexys is the American bank’s blockchain payments platform, formerly known as Onyx. Mastercard offered a multi-token network designed to route transactions between blockchain and traditional payment systems.
Fusion of DeFi and traditional banking
According to Ondo Finance, the relevant facts are not only technical: The company proposes to tokenize assets “They are no longer disconnected from the global financial system.” The group claims that for the first time, public blockchains and global banking infrastructure have collaborated to settle cross-border transactions of tokenized funds in real time.
In a statement, Mastercard cited its ability to operate beyond the time frames that limit traditional interbank payments and noted that the participant group is “laying the foundation for a global market that is never closed 24/7, 365 days a year.”
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