PANews reported on May 7th that, according to The Block, JPMorgan Chase, Ripple, Mastercard, and Ondo Finance have collaborated to complete a pilot transaction for the cross-border transfer of tokenized U.S. Treasury securities. This pilot utilized XRP Ledger and an interbank payment network, enabling institutions to execute cross-border transactions in a single, integrated process. Ripple stated that this is a successful demonstration of combining XRP Ledger with global banking infrastructure.

The transaction process is as follows: Ondo first redeemed Ripple's tokenized UOSG on-chain fund on XRP Ledger. UOSG is a tokenized US Treasury product. Subsequently, Mastercard's multi-token network transmitted the instructions through JPMorgan Chase's blockchain payment platform Kinexys, and finally, JPMorgan Chase delivered the US dollars to Ripple's Singapore bank account.