Brief
Digital-asset infrastructure company behind RLUSD. Participated in a May 6, 2026 OUSG redemption pilot: Ripple redeemed on XRPL, Mastercard MTN routed the instruction, and Kinexys initiated the US-dollar payout to Ripple's Singapore bank account through correspondent banking.
Primary sources
Checks cover the claims listed below. Other details may still need review.
- Ondo: cross-border OUSG redemption pilot (opens in a new tab)
Checked
- May 6, 2026 pilot: OUSG asset leg on XRPL, instruction via Mastercard MTN and USD payout through Kinexys and correspondent banking.
- This checks the named pilot roles only, not a general rollout or a first-ever market-wide claim.
Recent activity
Latest moves on the changelog feed.
- May 6, 2026WIRED
Ripple, Ondo, Kinexys by J.P. Morgan, and Mastercard. First cross-border, cross-bank tokenized treasury redemption. Ripple redeemed OUSG on XRPL, Mastercard MTN routed the instruction, Kinexys debited Ondo's blockchain deposit account, USD settled to Ripple's Singapore bank in near real time. Public chain meets interbank rails.
Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries
- Token standards
- erc-20
- Regulatory
- us-stablecoin-acts, trump-eo-digital-assets
- Jurisdiction
- US
- Analytics
- defillama.com/stablecoin/rlusd
Milestones
How this player got here.
- May 2026First cross-border, cross-bank OUSG redemption on XRPL with Ondo, Mastercard MTN, and Kinexys by J.P. Morgan
- Feb 2025Hidden Road acquisition announced
- Dec 2024RLUSD stablecoin launched
Connections
Who they build with, build on, integrate with.
Flow
Capital, products, and distribution moving outward.
Dependency
Where this player builds on, integrates, or relies on others.
