March 5 News: Recently, the crypto community has widely circulated the claim that “DTCC’s $4 trillion in annual transactions will migrate to the XRP Ledger (XRPL).” However, the latest information shows that this view is based on a misinterpretation of regulatory documents and does not mean that the U.S. securities settlement system is using XRPL for clearing.
The controversy originated when Ripple subsidiary Ripple Prime (formerly Hidden Road Partners CIV) appeared in the Market Participant Identifier (MPID) directory of the National Securities Clearing Corporation (NSCC). The directory shows its first trading date as March 2 and designates it as an executing broker with the code “HRFI,” with Pershing LLC as the clearing broker.
Some XRP community members speculate that transaction flows within the DTCC system may begin migrating to XRPL based on this. However, the reality is different. The Depository Trust & Clearing Corporation (DTCC) indeed holds about $100 trillion in assets and processes approximately $40 trillion in transactions annually, but Ripple Prime’s appearance in the directory only indicates it has qualified as an executing broker and can clear through Pershing.
Under the current process, Ripple Prime or Hidden Road is responsible for executing OTC trades, while the clearing and settlement of these trades are still handled by Pershing via the NSCC system. XRPL is not involved in the settlement process of these transactions, nor are any DTCC transactions recorded on the blockchain.
The scope of this authorization is also very limited. The NSCC document shows that Ripple Prime is only permitted to handle eligible OTC products and has not been granted clearing rights for standard corporate bonds, municipal bonds, or unit trusts. Similar broker onboarding processes are common in NSCC, with many firms completing such registrations each month.
The background of Ripple’s acquisition of Hidden Road has also been interpreted by some in the community as XRPL preparing to take on traditional financial transactions. In April 2025, Ripple announced it would acquire Hidden Road for $1.25 billion, mentioning in the statement that some post-trade activities might be migrated to XRPL in the future to improve efficiency and reduce costs. However, the announcement used future-oriented language (“will”) rather than indicating that such migration has already occurred.
The acquisition was completed in October 2025. Although Hidden Road was later renamed Ripple Prime and now has a regulatory framework to serve as an executing broker in the U.S. securities market, there has been no record of any DTCC transactions settled via XRPL to date.
Additionally, Hidden Road’s website still describes the company as an “institutional global credit network” providing brokerage, financing, and clearing services for traditional and digital assets. Mentions of XRPL are only found in Ripple’s acquisition press releases.
Industry experts note that whether Ripple will migrate post-trade data or some processes to XRPL in the future remains to be seen. Currently, the regulatory approval only means Ripple Prime is qualified to conduct brokerage activities in the U.S. securities market, not that the traditional financial settlement system has begun using XRPL.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Gate Daily Report (April 14): The SEC releases regulatory guidance on self-custody wallet exemptions; Ondo submits a five-action letter regarding OGM tokenized equities
Bitcoin has recently rebounded strongly, with the price reaching $74,330. The U.S. Securities and Exchange Commission (SEC) has issued regulatory guidance for custody wallets of crypto securities, allowing operations in certain circumstances. Ondo Finance also submitted a request for a no-action letter to the SEC regarding tokenized equity. Market developments show that whale holdings have increased, with other coin contract trading activity remaining active. U.S. stock performance is optimistic, influenced by corporate earnings reports. Investors are taking a wait-and-see stance on Bitcoin, and market sentiment is relatively stable.
MarketWhisper7h ago
Today’s top 100 cryptocurrencies by market cap—price movers: RAVE up 207.51%, DOT down 4.57%
On April 13, the cryptocurrency market saw volatile performance. RaveDAO had the largest gain, reaching 207.51%, with a current price of $9.94; Polkadot had the largest drop, down 4.57%, with a current price of $1.17. Overall market dynamics are worth watching.
GateNews16h ago
Crypto Market Momentum – Analyzing Today’s Top Gainers and the Shift in Investor Sentiment
The cryptocurrency market is defined as highly volatile and rapidly evolving, offering a landscape in which a newly developed protocol has the potential to either succeed or fail in the span of 24 hours. Today’s market data from CoinMarketCap reveals a captivating trend: the wider cryptocurrency mar
BlockChainReporter04-13 08:04
Gate contract stock section will launch on April 13 with the first 5 Hong Kong stock perpetual contracts, including Tencent, Xiaomi, Meituan, and others, supporting 1x–20x leveraged trading
Gate News message. According to Gate’s official announcement, Gate contract stock section will be launched on April 13, 2026 at 14:00 (UTC+8) with live trading of TENCENT (Tencent Holdings 00700.HK), XIAOMI (Xiaomi Group 01810.HK), MEITUAN (Meituan 03690.HK), KUAISHOU (Kuaishou 01024.HK), and HKEX (Hong Kong Exchanges and Clearing 00388.HK) perpetual contracts. The trading will use USDT settlement and support 1–20x long and short operations.
Among them, the TENCENT contract is based on Tencent Holdings, the XIAOMI contract is based on Xiaomi Group, the MEITUAN contract is based on Meituan, the KUAISHOU contract is based on Kuaishou, and the HKEX contract is based on Hong Kong Exchanges and Clearing; the price of each contract is denominated in USDT.
GateAnnouncement04-13 04:47
Gate Daily Report (April 13): The CFTC seeks “exclusive regulatory authority” for prediction markets; the FBI report says crypto fraud losses totaled 113.6 billion.
Bitcoin has pulled back from its peak to $71,110. The chair of the U.S. CFTC said it will defend its regulatory authority over prediction markets. An FBI report shows that in 2025, losses from cryptocurrency fraud reached $11.36 billion, with seniors hit the hardest. The market is optimistic in the short term, but you should be mindful of the impact of oil prices and monetary policy.
MarketWhisper04-13 01:32
Today’s Crypto Fear and Greed Index has fallen to 15, and the market is in extreme fear.
Gate News message, April 11, Alternative.me data shows that today’s Crypto Fear and Greed Index dropped to 15; yesterday, the index was 16, and the market is in a “Extreme Fear” state.
GateNews04-11 00:42
