Ondo Finance surged 68% in a week after a four-firm consortium completed the first cross-border, cross-bank redemption of tokenized U.S. Treasuries settled on the XRP Ledger, and following confirmation of Ondo's participation in a DTCC tokenization working group. The pilot demonstrated atomic settlement of tokenized T-Bill redemptions across institutional counterparties in different jurisdictions, a capability previously limited to proof-of-concept environments.
Armada's crypto desk already lists tokenized T-Bills as eligible collateral. This pilot materially strengthens the infrastructure case for that category. The DTCC involvement in particular signals that tokenized Treasuries are approaching settlement-grade legitimacy. LTV assumptions and eligibility thresholds set at launch should be revisited given accelerating institutional adoption and improved on-chain liquidity.