Ondo Finance said Ripple redeemed OUSG on the XRP Ledger and received a USD payout in Singapore through Mastercard and Kinexys by J.P. Morgan. The May 6 pilot tested whether a tokenized fund redemption on a public blockchain could trigger a bank-account payout across borders and banks.
The transaction path used by Ondo operated on a public blockchain, marking a step toward integrating traditional finance with decentralized infrastructure. This experiment demonstrates how major financial institutions are exploring programmable payments and real-world asset tokenization.