Deployments · platform by Mastercard
Mastercard Multi-Token Network (MTN)Updated 6 Nov 2026
Mastercard's Multi-Token Network is a private blockchain service, reached through APIs, that is meant to let banks offer tokenised deposits and settle against stablecoins and tokenised assets without running their own ledger. Its first test, in Hong Kong's fintech sandbox in 2024, swapped a Standard Chartered tokenised deposit for a tokenised carbon credit for a Mox Bank client. Mastercard linked MTN to J.P. Morgan's Kinexys Digital Payments in November 2024, Ondo Finance joined in February 2025 to offer its tokenised Treasury fund OUSG to MTN businesses, and SoFi agreed in March 2026 to support SoFiUSD on it. No live transaction volume has been published.
Proof of concept since May 2024[1] — Only sandbox tests and announced integrations are evidenced; no real-value production flow found, so the weaker status is used. · Reviewed 24d ago
- Assets
- [3]Ondo OUSG tokenised Treasury fund made available to MTN users
- Networks
- Use cases
- Delivery versus payment (DvP)[1]Cross-border payments[2]Fund subscription and redemption[3]
- Jurisdictions
- Global, United Kingdom, Hong Kong
Participants
- MastercardPlatform provider, Operator, Technology provider[2]United States
- Standard CharteredIssuer[1]United Kingdom
- Mox BankClient or user[1]Hong Kong
- LibearaTechnology provider, Platform provider[1][7]Singapore
- J.P. MorganTechnology provider[2]United States
- Ondo FinanceDistributor[3]United States
- SoFiIssuer[4]United States
- FiservTechnology provider[6]United States
Likely relevant regulation
- FCA fund tokenisation framework (authorised funds, COLL)United Kingdom
- SFC framework for tokenised securities and tokenised SFC-authorised investment productsHong Kong
Moves across networks
- viaMastercard MTN settlement connectivityMastercard Multi-Token Network ↔ Kinexys[5][2]Connectivity announced; no transaction over it reported.
Timeline
- Happened Mar 2026 (month only) · Participant joined · recorded 11 Oct 2026SoFi and Mastercard agree that SoFiUSD will be supported across MTN.[4]
- Happened 26 Feb 2025 · Participant joined · recorded 11 Oct 2026Ondo Finance joins as the first real-world asset provider, offering OUSG to MTN businesses.[3]
- Happened 21 Nov 2024 · Announcement · recorded 11 Oct 2026Mastercard says MTN is integrated with Kinexys Digital Payments so mutual clients can pay across both networks through one API.[2]
- Happened 14 May 2024 · First transaction · recorded 11 Oct 2026First MTN test in the HKMA fintech sandbox swaps a tokenised deposit for a tokenised carbon credit for a Mox client.[1]
Sources
- [1]https://ledgerinsights.com/mastercard-executes-first-tokenized-deposit-transactions-with-stanchart-subsidiaries/ — Ledger Insights, 15 May 2024. Accessed 11 Oct 2026.C
- [2]https://www.ledgerinsights.com/mastercard-integrates-its-mtn-blockchain-network-with-jp-morgans-kinexys-digital-payments-jpm-coin/ — Ledger Insights, 21 Nov 2024. Accessed 11 Oct 2026.C
- [3]Ondo Finance Joins the Mastercard Multi Token Network (MTN) as the First Real World Asset (RWA) Provider — Ondo Finance (Business Wire), 26 Feb 2025. Accessed 11 Oct 2026.B
- [4]SoFi and Mastercard partner to enable SoFiUSD settlement — Mastercard, Mar 2026. Accessed 11 Oct 2026.B
- [5]Mastercard’s MTN connects to J.P. Morgan’s Kinexys Digital Payments for settlement — Mastercard, 21 Nov 2024. Accessed 14 Oct 2026. mastercard.com returned 403; read from the Internet Archive copy..B
- [6]Mastercard partners with Fiserv to accelerate mainstream stablecoin adoption — Mastercard, 24 Jun 2025. Accessed 28 Oct 2026.B
- [7]Mastercard, Standard Chartered, Mox and Libeara successfully complete a proof-of-concept pilot on tokenized deposits and tokenized carbon credits through regulatory sandbox - Mastercard Newsroom | Mas — Mastercard, 14 May 2024. Accessed 6 Nov 2026.B
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