A key piece of financial infrastructure stitching tokenized assets to traditional banking got a real cross-border test this week.

Ondo Finance said Wednesday it had completed the first near-real-time cross-border redemption of a tokenized U.S. Treasury fund alongside JPMorgan’s blockchain platform Kinexys, payments giant Mastercard, and Ripple.

The transaction settled in under five seconds on the XRP Ledger and involved OUSG, Ondo’s tokenized U.S. Treasury fund built for accredited investors and qualified purchasers.

The pipeline started with Ondo processing the redemption on the XRP Ledger, after which Mastercard’s Multi-Token Network routed the instructions to Kinexys, and JPMorgan delivered the U.S. dollars to Ripple’s Singapore bank account.

The whole sequence happened outside traditional banking windows, the kind of cross-border settlement that typically takes one to three business days through correspondent banks.

“By connecting public blockchain infrastructure with interbank settlement rails, Ondo, Kinexys by JPMorgan, Mastercard, and Ripple are laying the groundwork for 24/7 global markets that never close,” said Ondo President Ian De Bode in a statement.

Markus Infanger, senior VP at RippleX, said the transaction shows institutions can run cross-border tokenized asset moves as a single integrated flow rather than stitching them together through legacy systems.

The pilot lands as the Depository Trust & Clearing Corporation (DTCC) said earlier this week it would launch its own tokenization service later this year. JPMorgan’s Kinexys platform has now processed over $3 trillion in cumulative transactions, with tokenized deposit volumes across major banks moving to billions of dollars over the past year.

XRP and ONDO were down as much as 2% in the past 24 hours alongside a broader pullback across the crypto market.

TLDR

• Ondo Finance completed a near-real-time cross-border redemption of its tokenized U.S. Treasury fund using blockchain infrastructure from JPMorgan, Mastercard, and Ripple.
• The companies processed the transaction in under five seconds on the XRP Ledger, according to their joint announcement.
• Mastercard enabled interoperability between on-chain assets and traditional fiat systems through its Multi Token Network.
• JPMorgan supported the settlement through its Kinexys blockchain platform, which has processed over $3 trillion in transactions.
• XRP traded at $1.42 at the time of reporting, posting a daily gain of about 1% and a monthly rise of around 6%.

Ondo Finance executed a near-real-time cross-border redemption of a tokenized U.S. Treasury fund using blockchain infrastructure from JPMorgan, Mastercard, and Ripple. The companies processed the transaction in under five seconds on the XRP Ledger, according to their joint statement. The pilot connected public blockchain rails with interbank settlement systems and enabled continuous cross-border transfers outside traditional banking hours.

XRP Ledger Powers Instant Cross-Border Treasury Redemption

Ondo used its tokenized U.S. Treasury fund OUSG for the pilot transaction. The fund serves accredited investors and qualified purchasers seeking on-chain exposure to Treasuries. The companies processed the redemption in less than five seconds on the XRP Ledger.

Ripple supported the blockchain layer, while JPMorgan provided its Kinexys platform for settlement integration. Mastercard enabled interoperability between digital assets and fiat currencies through its Multi-Token Network. As a result, the transaction moved across borders and banks in one coordinated flow.

Ondo President Ian De Bode said the transaction marked a first for tokenized Treasuries. He stated, “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.” He added that the collaboration links public blockchain infrastructure with interbank settlement rails.

Markus Infanger, senior vice president of RippleX, addressed the outcome. He said the pilot shows that tokenized assets can move between public blockchains and global banking systems. He stated that institutions can execute cross-border transactions as a single integrated process.

Institutional Platforms Expand Tokenized Asset Infrastructure

JPMorgan operates Kinexys as its blockchain infrastructure platform for institutional clients. The platform has processed more than $3 trillion in total transactions, according to its website. It supports settlement services and correspondent banking network integration.

Mastercard’s Multi-Token Network facilitated the cross-border leg of the redemption. The system connected on-chain tokenized assets with traditional fiat payment channels. This structure allowed both blockchain and banking systems to complete the transfer without delay.

Ondo Finance focuses on bringing institutional-grade financial products on-chain. The company specializes in tokenizing traditional assets, including U.S. Treasuries, for qualified investors. OUSG represents its tokenized Treasury product used in the pilot.

The Depository Trust & Clearing Corporation announced plans to launch a tokenization service later this year. The group disclosed this plan earlier this week. Banks have also expanded tokenized deposit systems, with volumes rising from millions to billions over the past year.

XRP, the native asset of the XRP Ledger, traded at $1.42 at the time of reporting. The token gained about 1% on the day and posted a monthly increase of around 6%. However, XRP remains about 61% below its all-time high of $3.65 reached last July.

Tim Scott said the Senate Banking Committee is nearing consensus and working toward a bipartisan CLARITY Act markup in May, setting the most concrete timeline commitment yet on the long-delayed legislation.

Senate Banking Committee Chair Tim Scott said his panel is “nearing consensus” and working toward a bipartisan CLARITY Act markup in May. The statement is the most concrete timeline commitment yet from the committee chair on the bill, which has missed two previous markup deadlines in 2026.

The news drew an immediate industry response. Coinbase CEO Brian Armstrong posted “Mark it up” on social media, while Circle urged the Banking Committee to move without further delay.

More than 120 crypto organizations have already submitted a joint letter demanding immediate action on the bill, led by the Crypto Council for Innovation and the Blockchain Association.

The CLARITY Act passed the House 294 to 134 in July 2025 and cleared the Senate Agriculture Committee in January 2026. It still requires a Banking Committee markup, a 60-vote Senate floor threshold, reconciliation with the Agriculture Committee version, reconciliation with the House text, and a presidential signature before becoming law.

As crypto.news documented, Congress breaks for Memorial Day recess on May 21, leaving fewer than four weeks of effective legislative time. Senators Cynthia Lummis and Bernie Moreno have both warned that failure before that deadline pushes the next opportunity to 2030.

The Senate Banking Committee is targeting the week of May 11 for the markup, with Chair Tim Scott still working to resolve a holdout from Senator John Kennedy before proceeding.

TLDR

• Solana Company and Jito Foundation formed a partnership to expand institutional staking across Asia-Pacific.
• The companies will jointly deploy and operate Solana validator servers in key APAC markets.
• The validator rollout will use Solana Company’s Pacific Backbone network in four countries.
• The partnership will develop institutional staking products based on JitoSOL for Asian asset managers.
• Solana Company holds about $180 million worth of SOL as part of its treasury strategy.

Solana Company and Jito Foundation have formed a partnership to expand institutional validator and staking infrastructure across the Asia-Pacific. The companies will deploy Solana validators and develop staking products for large financial firms. They aim to strengthen compliant participation and increase Solana adoption in key regional markets.

Solana Company Expands Validator Footprint Across APAC

Solana Company confirmed it will jointly establish and operate Solana validator servers across Asia-Pacific with Jito Foundation. The rollout will anchor on Pacific Backbone, Solana Company’s institutional infrastructure network operating in Hong Kong, Singapore, Japan, and South Korea. The companies stated they will use this network to support secure and scalable validator services for institutional clients.

Through this partnership, both firms will focus on delivering institutional-grade infrastructure and improving staking yield performance. They will integrate Jito’s market layer technology with Solana Company’s regional network and client relationships. Marc Liew, head of APAC at Jito Foundation, said, “We’re creating a stronger foundation to enable scalable, compliant participation in the Solana ecosystem.”

Solana Company operates as a publicly listed digital asset treasury focused on SOL holdings. The company currently owns about $180 million worth of SOL, according to its statement. It plans to use its balance sheet and infrastructure to support validator expansion in the region.

Jito Foundation Advances Institutional Staking With JitoSOL

Jito Foundation will support the initiative by deploying its liquid staking and MEV infrastructure across the new validator network. The organization operates a liquid staking platform and issues the JitoSOL token within the Solana ecosystem. Through this collaboration, the firms will design staking products based on JitoSOL for asset managers and wealth managers in Asia.

The companies said they will tailor these products to meet institutional requirements and compliance standards in regional markets. They will also seek to optimize staking rewards through Jito’s validator and MEV technology stack. The partnership aims to align validator operations with the needs of regulated financial institutions.

Jito Foundation has secured institutional backing to expand its operations. In 2024, Andreessen Horowitz invested $50 million in Jito through a strategic private token sale. The firms confirmed they will begin deploying validators across the Pacific Backbone network in the coming months.

Burn Rate Soars on Resumption of Activity

The burn rate for Shiba Inu has experienced a marked uptick, with a staggering 812% jump within a span of one day as activity levels have resumed. Based on current figures, a total of more than 12 million SHIB tokens have been eliminated from circulation by being sent to dead wallets.

This is a stark turnaround compared to the recent period where burn rates remained consistently low. The rise in the burn rate coincides with renewed activity in the Shiba Inu network. Typically, instances of heightened activity, which could be reflected in greater transactional and wallet movements, often result in high burn rates.

Supply Reduction Approach Gains Momentum

The burning of tokens has become an integral part of the Shiba Inu approach to cutting down on the total supply. It has been shown that burning Shiba Inu tokens is viewed favorably by both developers and participants in the project.

The combination of burning activity and increasing use can bring additional momentum into the trading market for this cryptocurrency. Increased attention is usually paid to projects where the burning process happens in tandem with a rise in user interest, leading to positive supply and demand factors.

Uncertainty Persists Regarding Price Movement

While the rise in burns has been significant, it should be noted that it has not affected the price of Shiba Inu positively. Currently, the coin is being traded at roughly $0.000006302, experiencing a slight downtrend by about 1.24%. It can be seen that investors are still cautious despite the positive development regarding on-chain metrics.

It should be added that Shiba Inu has seen an increase in value over the last month, contributing to investor confidence. This gap demonstrates the intricacy of cryptocurrencies, where many factors affect the price movement.

Burns are analyzed alongside transactions and wallets’ increases by investors looking for changes in momentum.

Engagement of Network Is Exhibiting Slow Recovery

According to recent figures, it seems that the network engagement of Shiba Inu is witnessing gradual improvement. The number of active wallets is increasing, and transaction volumes are increasing after remaining dormant for quite some time.

This improvement suggests that the decrease seen in engagement levels previously could be a temporary issue. Continuous engagement by users is essential for ensuring continued burn activities since increased engagement is likely to lead to token burning.

Future Price Movement Based on Supply and Demand Equilibrium

Going forward, the movement of price in the case of Shiba Inu will depend greatly on how the equilibrium is tilted either way between supply destruction and demand expansion. The continued burn of tokens and rise in network activity could be positive for momentum.

Nevertheless, the impact of market conditions should not be overlooked. The general market environment including trends in cryptocurrency prices, liquidity conditions, and sentiment towards crypto will play an important role in shaping short-term expectations.

For the time being, the Shiba Inu continues to be in the focus of investors, who look at its performance over the next few weeks.

Benchmark has cut its 12‑month price target on Bitcoin treasury company Strategy from $705 to $570, keeping a Buy rating but marking its model to a cooler Bitcoin path after a brutal drawdown in both BTC and Strategy’s stock.

Benchmark has reduced its target price for Strategy (NASDAQ: MSTR) from $705 to $570, according to market news shared on X and corroborated by recent analyst‑ratings rundowns. The firm is keeping a Buy rating, but the lower target reflects a cooler outlook on near‑term upside after Strategy’s stock slumped alongside Bitcoin from its early‑year highs.

Benchmark had been one of the most bullish houses on Strategy. In multiple notes over the past year, the bank’s analyst, Mark Palmer, reiterated a $705 target anchored to an aggressive Bitcoin path, with at least one Investing.com piece noting that the model assumed BTC would reach $225,000 by the end of 2026. That framework used a sum‑of‑the‑parts approach blending the projected value of Strategy’s Bitcoin holdings, a 10x multiple on the company’s 2026 “Bitcoin dollar gain,” and a residual value for its legacy software unit.

Even as MSTR fell more than 60% from mid‑2025 peaks—dropping from roughly $457 to near $150 in one six‑month stretch—Benchmark repeatedly stuck with the $705 figure, arguing in a widely circulated note that Strategy was still “a bitcoin‑focused treasury company, not a traditional software name,” and that its BTC stash created substantial embedded optionality if the next Bitcoin leg played out.

As of early Q2 2026, third‑party trackers like BitcoinTreasuries estimate that Strategy holds more than 818,000 BTC, making it the largest listed Bitcoin treasury in the world by a wide margin. That balance‑sheet exposure means any recalibration of BTC price targets flows directly into equity valuation, which helps explain why Benchmark is now trimming its own upside band to $570 as the crypto market reassesses cycle extremes.

In an April research piece summarized by MEXC, Benchmark went out of its way to defend Strategy’s STRC perpetual‑preferred funding model, arguing that using perpetual capital to buy Bitcoin is “sustainable” and rejecting critics who likened the structure to a Ponzi scheme. The bank called Strategy “a pioneer, not a pariah, in corporate Bitcoin adoption,” and that broader thesis has not changed even as the headline target moves lower.

For now, the $570 figure still implies substantial upside from current trading levels, but it also signals that even permabulls like Benchmark are beginning to mark their models to a less euphoric Bitcoin path. How that interacts with on‑chain dynamics and ETF flows is a theme crypto.news has been tracking closely in recent coverage, alongside deeper dives into Strategy’s treasury‑driven equity story in a feature and a valuation‑focused analysis.

OKX Card users in Europe spent mostly on groceries, restaurants and other routine purchases in the product’s first month, according to transaction data shared Wednesday.

In the first month of use across the European Economic Area (EEA), grocery stores and supermarkets accounted for 26% of all OKX Card transactions, while restaurants and fast food together made up 18%, ahead of travel and online marketplaces, according to the data.

The analysis covers settled purchase transactions made with the OKX Card in the EEA between Jan. 28 and Feb. 26, across the top 20 merchant types by transaction count, volume or unique users, the company said.

A spokesperson from OKX told Cointelegraph the dataset spans all EEA markets where the card is live, and that the snapshot captures the “majority of daily spending behaviors and any high-value outliers,” including categories such as utilities, while excluding peer-to-peer transfers.

OKX’s numbers show distinct national patterns behind the headline averages. In France, for example, bakeries represent 5% of OKX Card transactions compared with 2% across the EEA, highlighting the country’s boulangerie and café culture.

Spending habits by country. Source: OKX

In Germany, 30% of transactions occurred on online marketplaces, more than double the EEA average of 13%, while the Netherlands recorded 37% of transactions in supermarkets, the highest grocery share in the dataset.

Related: OKX launches EU stablecoin payment card via regulated issuer Monavate

Poland stands out for small-ticket, in-person usage, with 16% of OKX Card payments at convenience stores and around 9% at fuel stations, both above the EEA averages.

The spokesperson said that swapping fiat for crypto in everyday payments is a newer behavior, arguing that the data challenges the stereotype of crypto cards being used mainly for luxury items, and instead points to groceries and coffees bought by “everyday people.”

The company said country-level differences largely reflect existing cultural habits, but argued they show stablecoin-funded card payments starting to displace traditional cards in customers’ day-to-day routines, not just in occasional big-ticket purchases.

Part of broader trend in Europe

Broader market data suggests OKX is not alone in its findings, with other crypto card providers in Europe reporting similar patterns of low-value, everyday transactions.

A 2025 Cex.io report found that roughly 45% of crypto card transactions in Europe were for amounts under 10 euros ($11.75) and that around 40% of such card spend happened online, nearly double the euro-area average share of online card payments of about 21%.

Separate Brighty data reported by Cointelegraph in April showed that Spain accounted for about 36% of retail transactions and 25% of total volume in Circle’s euro stablecoin EURC between 2025 and the first quarter of 2026, with an average payment size of around 49 euros ($58), indicating stablecoins are already being used there for everyday purchases and peer-to-peer transfers.

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