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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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