[Mastercard, JPMorgan, Ripple, and Ondo Complete Cross-Chain Tokenized Treasury Cross-Border Settlement Trial] According to a report by Golden Finance, on May 8, payment giant Mastercard, investment bank JPMorgan, blockchain payment company Ripple, and tokenization platform Ondo jointly completed a cross-border tokenized treasury settlement trial linking public blockchains with traditional banking systems. The trial aimed to bridge the 'last mile' between public blockchains and closed banking systems, exploring the use of tokenized U.S. Treasury assets to achieve near real-time syndicated settlement in real-world cross-border scenarios. This collaboration does not involve any single cryptocurrency but focuses on the tokenization of real-world assets (RWA) and the integration of institutional-grade DeFi with traditional financial infrastructure.