A group of financial and crypto firms, Ondo Finance, JPMorgan, Mastercard, and Ripple have completed the first near real-time cross-border redemption of a tokenized U.S. Treasury fund. The pilot was conducted with Kinexys, a process led by Ondos Finance that combined public blockchain infrastructure with traditional banking rails to allow asset redemption and fiat settlement in near real time. This move is seen as a step towards continuous global settlement of tokenized assets. The project highlights the potential for tokenized financial products to operate continuously across multiple banks and regions. The total value of the protocol crossed $3 billion in April 2026, with OUSG holding approximately $770 million in TVL across various public blockchain platforms.