Tokenization is coming to Wall Street as J.P. Morgan takes another step toward making Treasurys move like crypto

J.P. Morgan's Kinexys, working with Mastercard, Ripple and Ondo Finance, completed the first near-real-time cross-border, cross-bank redemption of a tokenized U.S. Treasury fund. The transaction highlights progress in blockchain-based settlement and tokenized fixed-income infrastructure, with modest positive implications for fintech and digital asset adoption.

Analysis

J.P. Morgan's Kinexys, working with Mastercard, Ripple and Ondo Finance, completed the first near-real-time cross-border, cross-bank redemption of a tokenized U.S. Treasury fund. The transaction highlights progress in blockchain-based settlement and tokenized fixed-income infrastructure, with modest positive implications for fintech and digital asset adoption.