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6 May 2026, 23:05
Ondo, JPMorgan, Mastercard and Ripple complete tokenized Treasury settlement on XRP Ledger
JPMorgan Chase (JPM), Mastercard (MA), Ripple, and Ondo Finance completed a tokenized U.S. Treasury redemption that joined the XRP Ledger with bank settlement rails across borders. Ondo said the test was the first near real-time, cross-border, cross-bank redemption of a tokenized U.S. Treasury fund. The setup gave institutions a working path for 24/7 tokenized asset redemptions, with blockchain activity on one side and bank payments on the other. The deal used OUSG, Ondo’s tokenized short-term U.S. government Treasuries product. Ripple redeemed part of its OUSG holdings on XRPL, a public blockchain. Ondo handled the redemption, then sent the cash payout order through Mastercard’s Multi-Token Network, known as MTN. Kinexys by J.P. Morgan received that order on its blockchain system, debited Ondo’s Blockchain Deposit Account, and sent U.S. dollars to Ripple’s bank account in Singapore through J.P. Morgan’s correspondent banking network. Ripple uses XRP Ledger while Mastercard sends cash instruction to Kinexys The transaction had two parts. The tokenized Treasury redemption happened on the XRP Ledger. The dollar settlement happened through bank infrastructure. That split is the whole point here, because tokenized assets often look fast onchain, then hit a wall when cash settlement still depends on wires, staff checks, and banking hours. Mastercard’s MTN sat between those two worlds. The network carried the fiat payout instruction from Ondo to Kinexys by J.P. Morgan. Mastercard describes MTN as a system that lets different types of value work together and gives traditional financial firms a way to handle onchain commerce without pretending banks no longer exist. That is not flashy crypto theater. It is plumbing. But plumbing is exactly where tokenized finance either works or falls apart. Ondo said the redemption was completed near real time and outside normal banking cut-off windows. That matters because old settlement rails still run on schedules that do not match crypto markets. XRP trades all day, tokenized assets can sit on public chains all day, but cash payout systems can still act like everyone went home at 5 p.m. This pilot tested a structure where the blockchain side and the bank side followed one coordinated process instead of two separate instructions. Ian De Bode, president of Ondo Finance, said, “This milestone represents the first time tokenized U.S. Treasuries have settled across borders and banks in near real time and outside traditional banking windows.” Ian also said Ondo, Kinexys by J.P. Morgan, Mastercard, and Ripple were connecting public blockchain infrastructure with interbank settlement rails for markets that can run 24/7. Kinexys settles the dollar leg after Ondo processes the tokenized Treasury redemption Kinexys by J.P. Morgan handled the dollar side after Ondo completed the OUSG redemption. The platform debited Ondo’s Blockchain Deposit Account, then supported the next instruction through J.P. Morgan’s correspondent banking network. The final payout reached Ripple’s Singapore bank account in U.S. dollars. Ondo said tokenized real-world assets have expanded, but redemption systems still rely too much on wire payments, manual work, and limited opening hours. This test used blockchain infrastructure to trigger the cash payout instead of making the payment side start from an isolated traditional system. The result was one connected transaction path, with XRPL handling the tokenized asset leg and banking rails handling the fiat leg. Markus Infanger, SVP of RippleX, said, “The XRP Ledger enables real-time asset movement, and when paired with global banking infrastructure, this pilot shows how institutions can execute cross-border transactions as a single, integrated flow.” Markus also said the test showed tokenized assets can connect public blockchain systems with the global financial network. Zack Chestnut, global head of commercialization at Kinexys by J.P. Morgan, said the pilot was a step toward institutional-scale tokenized asset markets. Zack said wider adoption will need banks, public blockchains, and firms in different regions to work together. Ondo said the same architecture can support redemptions from any public blockchain where OUSG is issued, including XRPL. Your bank is using your money. You’re getting the scraps. Watch our free video on becoming your own bank
6 May 2026, 22:55
Bridge Executive Says Tether-Circle Duopoly Restricts Stablecoin Market Growth
BitcoinWorld Bridge Executive Says Tether-Circle Duopoly Restricts Stablecoin Market Growth MIAMI — The stablecoin market’s current structure, heavily concentrated around Tether (USDT) and Circle (USDC), is actively limiting competition and innovation, according to a senior executive from the stablecoin payments platform Bridge. Speaking at the Consensus Miami conference, Ben O’Neill, Head of Money Movement at Bridge, argued that the duopoly’s business models are not suitable for all payment use cases and could ultimately hinder the broader adoption of stablecoins. High Fees and Limited Competition O’Neill specifically pointed to the fee structures imposed by the two dominant issuers. He noted that Tether charges a redemption fee of approximately 10 basis points, while Circle has been consistently increasing its own fees. For payment companies processing high volumes of transactions, these costs accumulate quickly, creating a significant operational burden. ‘Without increased competition,’ O’Neill warned, ‘the established major players will likely continue to raise fees and will not share their profits with the ecosystem.’ Why the Duopoly Matters The stablecoin market has long been dominated by Tether, which holds the largest market capitalization, and Circle’s USDC, which is widely used in decentralized finance (DeFi) and regulated markets. While their dominance provides liquidity and stability, critics argue it also creates a bottleneck. Payment platforms and fintech companies that rely on stablecoins for cross-border transfers, settlements, or treasury management have limited alternatives, giving Tether and Circle significant pricing power. Impact on the Broader Stablecoin Industry O’Neill’s comments come at a time when the stablecoin sector is facing increased regulatory scrutiny in the United States and Europe. New frameworks, such as the EU’s Markets in Crypto-Assets (MiCA) regulation, aim to create a more competitive environment by setting clear standards for issuers. However, without a diverse range of compliant and cost-effective stablecoins, the industry risks becoming dependent on a few large players. This concentration could stifle innovation in payment solutions and slow the adoption of stablecoins for everyday transactions, where low fees are essential. Conclusion The warning from Bridge’s Ben O’Neill highlights a growing concern within the crypto payments industry: that the Tether-Circle duopoly, while providing market stability, may be acting as a barrier to the long-term growth and utility of stablecoins. As regulatory frameworks evolve and new competitors emerge, the pressure on these two giants to adjust their fee models and open up the market is likely to intensify. For businesses and consumers, a more competitive stablecoin landscape could mean lower costs and more innovative financial products. FAQs Q1: What is the main criticism of the Tether-Circle duopoly? The main criticism is that their market dominance allows them to charge high redemption and transaction fees without significant pressure to lower costs, which burdens payment companies and limits innovation in the stablecoin space. Q2: How do Tether and Circle’s fees affect payment companies? Payment companies processing large volumes of stablecoin transactions face cumulative costs from fees like Tether’s 10 basis point redemption fee and Circle’s rising charges. These costs reduce profit margins and can make stablecoin-based payment solutions less competitive compared to traditional systems. Q3: What could change the current stablecoin market structure? Increased regulatory clarity, such as the EU’s MiCA framework, and the entry of new, compliant stablecoin issuers could introduce more competition. This would likely force Tether and Circle to adjust their fee structures and share more value with the ecosystem. This post Bridge Executive Says Tether-Circle Duopoly Restricts Stablecoin Market Growth first appeared on BitcoinWorld .
6 May 2026, 22:36
White House targets July 4 for key crypto law approval
🇺🇸 White House wants Congress to approve the crypto bill before July 4. The proposed law would ban deposit-like yields in $USDC but allow spending rewards. Continue Reading: White House targets July 4 for key crypto law approval The post White House targets July 4 for key crypto law approval appeared first on COINTURK NEWS .
6 May 2026, 22:32
Grant Cardone says bitcoin-real estate strategy could outperform REITs, adds more BTC to treasury
The real-estate mogul said the hybrid model brings new users into crypto and challenges traditional real estate structures.
6 May 2026, 22:25
US to Unveil Bitcoin Strategic Reserve Plan Within Weeks, White House Advisor Confirms
BitcoinWorld US to Unveil Bitcoin Strategic Reserve Plan Within Weeks, White House Advisor Confirms The United States government is expected to announce a formal strategic reserve plan for Bitcoin within the coming weeks, according to Patrick Witt, Chairman of the White House Cryptocurrency Advisory Committee. Speaking at the Consensus conference in Miami, Witt confirmed that the administration has been working for several months to consolidate and enhance the security of its Bitcoin and other cryptocurrency holdings. Policy Shift Under the Current Administration Witt’s remarks, first reported by CoinDesk, mark a significant departure from the previous administration’s approach to digital assets. Under President Donald Trump’s executive order, the White House has halted the sale of cryptocurrencies that occurred under the prior administration and has initiated a comprehensive review of all crypto assets held across federal agencies. The move signals a more structured and strategic approach to government-held digital assets, rather than treating them as surplus property to be liquidated. The advisory committee has been tasked with evaluating how these assets can be managed to support national financial interests. What the Strategic Reserve Could Mean A strategic Bitcoin reserve would place the U.S. government among a small but growing number of sovereign entities that hold digital assets as part of their national reserves. Unlike the ad-hoc seizures and auctions of the past, a formal reserve implies long-term holding and active management. The review currently underway covers all crypto assets held by various government agencies, including those obtained through law enforcement seizures. The goal is to centralize custody and improve security protocols, reducing the risk of theft or mismanagement. Implications for Markets and Regulation While the announcement has not yet been made, market participants are already speculating on the potential impact. A U.S. strategic Bitcoin reserve could lend additional legitimacy to digital assets as a store of value, potentially influencing other nations to follow suit. However, details on the size of the reserve, the specific assets included, and the management structure remain unclear. Witt emphasized that the plan is still being finalized and that the announcement will come within weeks. He did not provide a specific date or venue for the disclosure. Conclusion The upcoming announcement represents a pivotal moment for U.S. cryptocurrency policy. By moving from passive asset liquidation to active strategic reserve planning, the government is signaling a longer-term view of digital assets. Industry observers and investors will be watching closely for the specific details that will shape the next phase of federal crypto policy. FAQs Q1: What is a Bitcoin strategic reserve? A Bitcoin strategic reserve is a formal government-held stockpile of Bitcoin, managed as a long-term national asset rather than sold off. It is similar to strategic petroleum reserves but for digital currency. Q2: When will the official announcement be made? According to Patrick Witt, the announcement is expected within the next few weeks. No exact date has been provided. Q3: How does this differ from previous U.S. policy on seized Bitcoin? Previously, the U.S. government typically auctioned off Bitcoin and other cryptocurrencies obtained through law enforcement seizures. The new approach involves holding these assets as part of a strategic reserve, indicating a shift toward long-term retention. This post US to Unveil Bitcoin Strategic Reserve Plan Within Weeks, White House Advisor Confirms first appeared on BitcoinWorld .
6 May 2026, 20:30
FCA probe clouds Mastercard US Treasuries tokenization pilot success
Mastercard is under investigation by the United Kingdom’s Financial Conduct Authority (FCA) for alleged anti-competitive conduct tied to digital wallets. The news landed as the payments giant joined JPMorgan, Ripple and Ondo Finance in completing what they call the first cross-border, cross-bank redemption of tokenized US Treasuries. Mastercard is not alone in the latest FCA probe, as the regulator is also investigating Visa and PayPal under the Competition Act 1998 . Mastercard and Visa are both being investigated under Chapter I, which targets anti-competitive agreements, and Chapter II, which addresses the abuse of a dominant market position. The probe touches on contractual arrangements connected to the funding and usage of PayPal’s digital wallet. The regulator stated that it is yet to reach any conclusions or make any findings that point to the companies breaking any competition law. The investigation became public after PayPal disclosed in an SEC filing that it had received notices in March about the FCA’s inquiries into its contractual agreements with Mastercard and Visa. A Mastercard spokesperson stated that they are cooperating and working with the regulator to ensure that they meet the standards of competition law. Visa and PayPal also stated that they are cooperating as well. Digital wallet usage is climbing in the UK The probe follows a joint report by the FCA and the Payment Systems Regulator last year that flagged competition concerns in the digital wallet market. Card transactions processed through digital wallets have been on the rise, with 2023 data showing a jump from 8% to 29%. PayPal allows users to host as many as 24 cards in their wallet at no extra cost, making it appealing for more transactions. The regulators had previously stated that they had heard calls for stronger competition among wallet providers to allow new entrants and spur innovation. In January, 2025, the Competition and Markets Authority (CMA) opened a separate inquiry into Apple and Google’s mobile ecosystems, including their digital wallets. The two tech giants reportedly made commitments to the CMA in February 2026 to improve fairness in app store processes and enhance interoperability. Across the Atlantic, Mastercard helps tokenize Treasuries Hours before the FCA announcement, Mastercard was part of a consortium that completed a pilot transaction representing a different kind of financial infrastructure push. Ondo Finance, Kinexys by JPMorgan, Mastercard, and Ripple (XRP) executed what they say is the first near-real-time, cross-border redemption of a tokenized US Treasury fund. The operation reportedly started with Ripple redeeming a portion of its holdings in Ondo’s Short-Term US Government Treasuries fund (OUSG), which exists on the XRP Ledger. Mastercard’s Multi-Token Network triggered the associated dollar payment. JPMorgan’s Kinexys blockchain infrastructure then moved the funds through its correspondent banking network, settling US dollar proceeds to Ripple’s bank account in Singapore. The fiat settlement side still moved through traditional banking rails, meaning the transaction was not fully decentralized. “This milestone represents the first time tokenized U.S. Treasuries have settled across borders and banks in near real time and outside traditional banking windows,” said Ian De Bode , president of Ondo Finance. Tokenization still small but gaining momentum Institutional interest is on the rise, with the total value of tokenized real-world assets (excluding stablecoins) sitting at roughly $31 billion globally. The Depository Trust and Clearing Corporation announced earlier this week that it would launch a tokenization service in October, with permission to tokenize Treasury bills and bonds. Nasdaq has said it is pursuing tokenized trading of stocks and ETFs. Regulatory clarity in the space still remains the key obstacle. The CLARITY Act, a market-structure bill that would define which US federal agencies oversee different parts of the crypto market, has passed the House but awaits Senate action, with its future looking uncertain. Mastercard’s position captures a tension running through global finance. In the UK, regulators are scrutinizing the company’s existing payment arrangements for possible competitive harm. In the US, it is building the rails for a new class of financial infrastructure that UK regulators have been slower to engage with. If you're reading this, you’re already ahead. Stay there with our newsletter .
