"Ripple received U.S. dollar proceeds in Singapore outside normal banking operating hours. Blockchain coordination reduced reliance on multiple ledgers, reconciliations, and correspondent banking intermediaries. Evernorth shared that the actual story behind a recent cross-institutional blockchain transaction was the XRP Ledger coordinating settlement across institutional systems, rather than headline attention surrounding J.P. Morgan's connection to the crypto asset."
"The company described a workflow where Ripple redeemed OUSG on the XRP Ledger before the transaction moved through Mastercard into Kinexys. U.S. dollar proceeds then reached Ripple's Singapore account outside traditional banking hours. OUSG represents Ondo Finance's on-chain product for short-term U.S. government debt exposure, including Treasury-linked holdings and liquidity assets."
"Evernorth contrasted that structure with correspondent banking systems that often require multiple ledgers, reconciliation processes, and extended settlement periods. Evernorth wrote: XRP was used as settlement infrastructure in one of the most significant cross-institutional blockchain transactions to date. Rather than focusing on transaction speed alone, the thread emphasized how the XRP Ledger connected separate institutional systems through a single settlement flow."
"The thread framed interoperability as the key point, showing how XRP could coordinate activity across institutions through one event, one chain, and one trigger. Separate company filings show Evernorth is advancing an XRP treasury strategy tied to a planned Nasdaq listing under ticker XRPN. In a series of posts on X, the company pointed to a tokenized U.S. Treasury redemption involving Ondo Finance, Kinexys by J.P. Morgan, Mastercard, and Ripple."
Kinexys infrastructure by J.P. Morgan coordinated with the XRP Ledger during an institutional settlement workflow. Ripple received U.S. dollar proceeds in Singapore outside normal banking operating hours. The process used blockchain coordination to reduce reliance on multiple ledgers, reconciliations, and correspondent banking intermediaries. Evernorth stated that the key point was XRP Ledger settlement across institutional systems rather than attention on J.P. Morgan’s connection to XRP. Evernorth described a tokenized U.S. Treasury redemption involving Ondo Finance, Kinexys, Mastercard, and Ripple. The workflow included Ripple redeeming OUSG on the XRP Ledger, then moving through Mastercard into Kinexys, followed by dollar proceeds reaching Ripple’s Singapore account. OUSG provides short-term U.S. government debt exposure and liquidity assets.
Read at news.bitcoin.com
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