JPMorgan and Mastercard have successfully executed the inaugural cross-border transaction of a tokenized US Treasury fund, utilizing Ripple’s XRP Ledger. This milestone marks a significant advancement in the collaboration between traditional finance and cryptocurrency firms. The transaction involved the redemption of the US Ondo Short-Term US Government Treasuries (OUSG) fund, facilitated by Ondo Finance.
The innovative process saw Mastercard’s Multi-Token Network route settlement instructions to JPMorgan's blockchain platform, Kinexys, ensuring real-time delivery of US dollars to Ripple’s bank account in Singapore. This achievement follows a prior pilot conducted in May 2025, which involved moving the same fund across both a public and a permissioned blockchain.
According to RWA.xyz, over $31.1 billion in real-world assets, not including stablecoins, have been tokenized on-chain. Experts from Boston Consulting Group predict that the tokenization market could soar to $16 trillion by 2030, while McKinsey & Co. offers a more conservative estimate of $2 trillion within the same period. The development highlights a growing interest in the tokenization of various assets, including stocks and real estate.