Ripple, working with Ondo Finance, JPMorgan, Mastercard, and Kinexys (as reported by PR Newswire), completes the first cross-border, cross-bank redemption of tokenized U.S. Treasuries. The pilot uses Ondo’s tokenized Treasury product, described as OUSG, and processes the asset leg on the XRP Ledger. CoinDesk reports that the redemption is executed in under five seconds, while PR Newswire says the demonstration coordinates public blockchain infrastructure with interbank settlement rails. The collaboration is presented as a milestone toward a framework for 24/7, near real-time cross-border settlement across participating global banks. Both accounts describe the settlement as a redemption event rather than an issuance, focusing on the movement and settlement of the tokenized Treasury asset across borders and banks. The reports emphasize interoperability between blockchain-based execution and traditional settlement mechanisms, with the XRP Ledger handling the tokenized asset leg during the pilot.