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The achievement demonstrates coordination between public blockchain infrastructure and interbank settlement rails, and it establishes a framework for 24\/7 cross-border settlement across global banks using Ondo tokenized assets, the companies said in a Wednesday (May 6) press release<\/a>.<\/p>\n The pilot included Ripple redeeming tokenized assets issued on the XRP Ledger<\/a> (XRPL) public blockchain; the Mastercard Multi-Token Network<\/a> (MTN) triggering the associated fiat settlement and enabling interoperability between on-chain assets and traditional fiat money; and the Kinexys by J.P. Morgan blockchain infrastructure initiating fiat settlement execution and supporting onward instruction to J.P. Morgan<\/a>\u2019s correspondent banking network for cross-border delivery of funds, according to the release.<\/p>\n This integrated model eliminates the need for the traditional wire systems, manual processes and limited operating hours upon which redemption infrastructure has depended, per the release.<\/p>\n Ondo Finance President Ian De Bode<\/a> said in the release: \u201cBy connecting public blockchain infrastructure with interbank settlement rails, Ondo, Kinexys by J.P. Morgan, Mastercard and Ripple are laying the groundwork for 24\/7 global markets that never close.\u201d<\/p>\n RippleX Senior Vice President Markus Infanger<\/a> said: \u201cThe XRP Ledger enables real-time asset movement, and when paired with global banking infrastructure, this pilot shows how institutions can execute cross-border transactions as a single, integrated flow.\u201d<\/p>\n Advertisement: Scroll to Continue<\/p>\n<\/div>\n Zack Chestnut<\/a>, global head of commercialization at Kinexys by J.P. Morgan, said the pilot has brought to life the kind of wholesale cross-industry collaboration that is needed to enable widespread adoption of tokenized financial products.<\/p>\n