Key Points
- Ripple’s acquisition of Hidden Road connects it to the $11 trillion daily U.S. Treasury clearing network via FICC membership.
- XRP Ledger integration will enable near-instant settlement, reducing post-trade times to around five seconds.
- Ripple’s stablecoin RLUSD will serve as the main collateral asset on Hidden Road’s platform, rather than XRP.
Ripple’s recent acquisition of prime brokerage firm Hidden Road has drawn attention after XRP community members uncovered its quiet integration into the Fixed Income Clearing Corporation (FICC) — a central hub for U.S. Treasury transactions. According to a Depository Trust & Clearing Corporation (DTCC) bulletin dated March 11, 2025, Hidden Road was officially accepted into the FICC’s Government Securities Division (GSD) on March 14, just weeks before the Ripple deal.
Hidden Road Joins FICC Amid Soaring Treasury Volumes
The FICC is a critical clearinghouse that settles massive daily volumes of U.S. Treasury securities. Its importance has surged following SEC reforms in 2023 mandating broader central clearing. This led to daily cleared volumes exceeding $11 trillion in April 2025, up from an average of $4.5 trillion in prior years. Hidden Road’s membership in GSD grants it access to services such as buy/sell netting and repo transactions—core mechanisms in U.S. fixed income markets.
Before its acquisition, Hidden Road reportedly handled over $3 trillion annually for more than 300 institutional clients, though it faced challenges in settlement speed and efficiency. Ripple aims to resolve these issues by integrating blockchain capabilities through the XRP Ledger (XRPL).
XRPL Integration Targets Faster, Transparent Settlement
Ripple plans to incorporate the XRPL to streamline post-trade workflows for Hidden Road. By leveraging XRPL’s near-instant finality, the company seeks to reduce settlement times to as little as five seconds, enhance operational transparency, and eliminate legacy inefficiencies.
The news reignited speculation among the XRP community regarding XRP’s role in these high-volume financial systems. However, Ripple confirmed that XRP itself will not be used for settlement in this framework.
RLUSD to Serve as Enterprise Collateral Asset
Instead, Ripple has designated its enterprise-grade stablecoin, RLUSD, as the core collateral asset on Hidden Road’s platform. XRP will continue to be used for network fees, but not as the main settlement token. This revelation has sparked debate among XRP holders, with some viewing RLUSD’s growing prominence as a pivot away from XRP in Ripple’s institutional strategy.
As the XRPL infrastructure evolves and Ripple expands deeper into traditional finance, all eyes are now on how these integrations shape the future utility—and valuation—of XRP.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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