The claim, made by some community members close to the Ripple ecosystem, that “DTCC’s trillions of dollars worth of transactions will be conducted via XRP Ledger (XRPL)” has been proven false.
The issue arose because Hidden Road, which has become a subsidiary of Ripple, was listed in the directory of a DTCC affiliate.
Hidden Road Partners CIV, rebranded as Ripple Prime, has been listed in the Market Participant Identifier (MPID) directory published by the National Securities Clearing Corporation (NSCC), a subsidiary of DTCC. The listing shows March 2nd as the company’s “first trading date.” This development has been misinterpreted by some XRP community members as an indication that DTCC’s massive trading volume will be transferred to the XRPL network. However, the reality is quite different.
DTCC is one of the world’s largest financial infrastructures, holding approximately $100 trillion in custody assets and processing around $4 quadrillion worth of transactions annually. These figures have led some Ripple supporters to believe that XRPL could benefit from this transaction volume. Even David Schwartz, one of the co-founders of XRPL, initially commented positively on the development.
However, the inclusion of Ripple Prime in the NSCC directory only indicates that the company is authorized as a broker to conduct OTC transactions. The announcement states that the executing broker for Hidden Road is assigned the MPID code “HRFI,” while clearing and settlement operations will be handled by Pershing LLC.
Pershing, a subsidiary of BNY Mellon, provides custody, clearing, and settlement services for hundreds of smaller brokerage firms. In its operation, Ripple Prime only processes the transaction; the settlement processes are handled by NSCC via Pershing. XRPL plays no role in this process.
According to the directory listing, the authorization granted applies only to OTC products eligible under the NSCC. There is no approval for other categories such as standard corporate bonds, municipal bonds, or mutual funds.
Furthermore, the addition of Ripple Prime is seen as a standard procedure. In the same announcement, NSCC made similar directory updates for Parallel Distributors, US Bancorp Fund Services, and several other institutions. Dozens of financial institutions go through the same onboarding process every month.
In April 2025, Ripple announced the acquisition of Hidden Road for $1.25 billion. The announcement stated that Hidden Road would move its post-trade operations to the XRPL network in the future. However, the word “move” referred to a future goal, not an existing operation. The acquisition was completed in October 2025, and the company was rebranded as Ripple Prime. Despite this, as of today, there is no authorization for DTCC transactions to take place on XRPL.
The company’s website still describes Ripple Prime as a “global credit network for institutions” and states that it offers prime brokerage, clearing, and financing services. XRPL is only mentioned in the acquisition announcement on the website.
However, according to experts, a company being added to the directory does not necessarily mean an integration is taking place on the blockchain.
*This is not investment advice.
