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A pilot involving Ripple, JPMorgan's Kinexys, Mastercard and Ondo Finance cleared a cross-border <a href="https://yellow.com/research/tokenized-us-treasuries-hit-dollar73b-in-2025-complete-guide-to-digital-treasury-bonds" rel="noopener noreferrer nofollow">tokenized US Treasury redemption</a> on the <a href="https://yellow.com/news/xrp-ledger-transaction-record" rel="noopener noreferrer nofollow">XRP Ledger</a> in under five seconds.<h2 id="tokenized-treasury-pilot">Tokenized Treasury Pilot</h2>The four firms completed the redemption of Ondo's tokenized Treasury fund OUSG outside traditional banking hours, <a href="https://www.coindesk.com/markets/2026/05/07/ripple-jpmorgan-settle-first-cross-border-tokenized-treasury-redemption-on-xrp-ledger" rel="noopener noreferrer nofollow">according</a> to CoinDesk.Mastercard's Multi-Token Network routed the payment instructions, while JPMorgan's Kinexys engine then delivered dollars to Ripple's bank account in Singapore.<blockquote>The XRPL leg of the transaction cleared in well under five seconds, even though it ran outside normal banking windows.</blockquote>RLUSD<a href="https://yellow.com/asset/rlusd" rel="noopener noreferrer nofollow">(RLUSD)</a> handled the actual settlement. A small slice of XRP<a href="https://yellow.com/asset/xrp" rel="noopener noreferrer nofollow">(XRP)</a> was <a href="https://cryptobriefing.com/ripple-completes-pilot-linking-xrp-ledger-with-interbank-settlement-systems/" rel="noopener noreferrer nofollow">used</a> as a network fee, with tokenized US Treasuries on the XRP Ledger now exceeding $418 million, network data shows.Also Read:<a href="https://yellow.com/news/chainlink-whales-buy-32-9m-link-record-high" rel="noopener noreferrer nofollow">Chainlink Whales Quietly Pocket 32.9M LINK In 30 Days, Hitting All-Time High</a><h2 id="institutional-settlement-push">Institutional Settlement Push</h2>The pilot lands as the broader tokenized US Treasury market hits roughly $15.18 billion in value, a segment now <a href="https://247wallst.com/investing/2026/05/07/xrp-news-jpmorgan-and-mastercard-settle-tokenized-us-treasuries-on-xrp-ledger-in-5-seconds/" rel="noopener noreferrer nofollow">drawing</a> participation from BlackRock and JPMorgan's Kinexys.Industry observers say the structure points toward 24/7 global markets, addressing gaps in the current T+1 settlement standard adopted in May 2024.JPMorgan's Kinexys platform has now processed more than $3 trillion in cumulative transactions, and tokenized deposit volumes across major banks have climbed into the billions over the past year.XRP barely moved on the news, trading near $1.42.<h2 id="rlusd-growth">RLUSD Growth</h2>RLUSD's footprint inside Ripple's enterprise stack has expanded sharply since launch. The stablecoin crossed $1 billion in market cap in early November 2025, less than a year after its December 2024 debut, <a href="https://crypto.news/ripples-rlusd-stablecoin-surpasses-1b-market-cap/" rel="noopener noreferrer nofollow">hitting</a> 1,278% year-to-date growth at the time.By March 2026 it had climbed past $1.56 billion, picking up BlackRock's BUIDL fund as a settlement asset and LMAX Group as a collateral partner along the way.SBI Holdings began distributing RLUSD in Japan on Mar. 31 through SBI VC Trade. Deutsche Bank integrated Ripple's payment infrastructure earlier in the year for cross-border wire transfers.Read Next:<a href="https://yellow.com/news/internet-computer-10-percent-gain-decentralized-cloud" rel="noopener noreferrer nofollow">Internet Computer Posts 10% Gain Amid Decentralized Cloud Push</a>

JPMorgan, Mastercard Ran RLUSD Through The First 5-Second Treasury Redemption

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