Mastercard Aids Ripple’s On-Chain US Treasury Trade; No JPMorgan Partnership
Ripple used Mastercard’s Kinexys infrastructure to redeem Ondo Finance’s on-chain short-term U.S. Treasury debt via the XRP Ledger, with funds credited to Ripple’s Singapore account outside traditional banking hours. Market rumors of a JPMorgan–Ripple partnership sent XRP down 1.5% to $1.37 but no formal alliance exists.
1. Transaction Details
In a documented blockchain transaction, Ripple redeemed Ondo Finance’s on-chain product for short-term U.S. government debt using the XRP Ledger. Mastercard’s Kinexys infrastructure and Ripple’s Singapore account processed the settlement outside traditional banking hours, streamlining a multi-ledger relay into a single on-chain transfer.
2. Partnership Rumor Debunked
Claims of a strategic JPMorgan–Ripple alliance stemmed from the single interaction on the XRP Ledger but overlook JPMorgan’s permissioned Onyx blockchain and internal JPM Coin system. Jamie Dimon’s remarks on public crypto and the bank’s independent multi-ledger tools confirm that no formal XRP settlement layer adoption or partnership is in place.