The pilot connected XRPL to global banking infrastructure, enabling institutions to execute cross-border transactions in a single integrated flow.
Blockchain settlement rails are increasingly intertwined with the global financial system. A group of companies recently achieved a feat that could introduce 24/7 settlements to traditional financial markets.
According to a tweet, tokenization platform Ondo Finance, card service provider Mastercard and JP Morgan’s blockchain platform Kinexys are involved in completing the final step. The companies successfully completed a pilot transaction connecting Ripple’s XRP Ledger (XRPL) to interbank settlement rails.
XRPL linked to interbank settlement rails
The pilot connected XRPL to global banking infrastructure, enabling institutions to execute cross-border transactions in a single integrated flow. The assets used for the project were tokenized US Treasury bonds. This feat marked the first time that tokenized Treasuries were settled across borders in near real time, outside of traditional banking hours.
The process involved Ondo first processing Ripple’s repurchase of Ondo’s short-term US Treasury bonds (OUSG). Mastercard routed instructions to Kinexys through its multi-token network, while JP Morgan delivered USD to Ripple’s bank account in Singapore.
Completed in less than five seconds, instead of the usual one to three business days, the pilot transaction highlighted a hybrid model in which XRPL managed the movement of asset tokens while traditional banking rails facilitated fiat settlement.
“Tokenized assets are no longer separate from the global financial system. For the first time, a public blockchain and global banking infrastructure have settled a cross-border transaction of a tokenized fund together in real time. Together, we are setting the stage for 24/7 global markets that never close,” Ondo Finance said.
The rise of tokenization on Wall Street
As Treasuries move like cryptocurrencies on zero-hours settlement rails, the estimated $30 trillion U.S. Treasury market could be open to a new wave of investors. Many financial institutions, including Wall Street’s largest firms, are already scrambling to follow suit.
Besides Treasury bills, these institutions also attempt to tokenize bonds and deposits. A few days ago, the Depository Trust & Clearing Corporation (DTCC) announced plans to launch a new tokenization service for bonds and treasury bills in October.
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Meanwhile, the tokenized stock sector has seen massive growth over the past year. In fact, the market capitalization of the real-world tokenized assets (RWA) sector as a whole more than tripled from $5.42 billion to $19.32 billion over the last 15 months ending March 2026. The sector has grown so well that it has outperformed stablecoins.
