In a key move connecting traditional and digital finance, the Depository Trust and Clearing Corporation (DTCC) added Hidden Road Partners CIV US LLC to its NSCC Market Participant Identifiers directory.
Effective March 2, 2026, the NSCC update allows Ripple Prime to route institutional post-trade volumes directly onto the XRP Ledger (XRPL). Notably, the move bridges traditional market infrastructure with blockchain settlement.
XRPL Moves Deeper Into Wall Street Infrastructure
According to the DTCC notice dated February 27, 2026, the update is part of broader changes to participant lists for insurance processing. It also reflects NSCC updates across OTC, corporate, municipal, and UIT products.
As a result, Hidden Road appears under clearing broker code 0443 with executing broker alpha “HRFI,” approved specifically for OTC trades. The inclusion sets the stage for Ripple Prime to integrate traditional clearing infrastructure with blockchain settlement.
The integration enables Ripple Prime to combine NSCC’s centralized clearing, risk management, and settlement services with the XRPL’s speed and low transaction costs. Also, the arrangement could compress settlement times and improve capital efficiency across a system handling over $2 quadrillion annually.
In line with its growth strategy, Ripple acquired Hidden Road in April 2025 for $1.25 billion, marking one of the largest deals in digital assets history. Rebranded as Ripple Prime in October 2025, the platform now offers multi-asset prime brokerage. It provides clearing, financing, and OTC spot trading for XRP and RLUSD stablecoins.
Before the acquisition, Hidden Road cleared $3 trillion yearly for more than 300 institutional clients across FX, derivatives, and digital assets. Ripple plans to migrate post-trade activities to the XRPL, using RLUSD as collateral to streamline cross-margining between traditional and crypto markets.
An Important Development?
Ripple CTO Emeritus David Schwartz described the development as one that “seems important” on social media, noting its potential impact on XRPL adoption. Industry experts suggest the integration may boost settlement speed and institutional access while embedding blockchain deeper in U.S. financial infrastructure.
Beyond Ripple Prime, the DTCC notice also highlighted other updates. These include Summit Wealth Group joining insurance processing on March 9, 2026, and U.S. Securities International Corp. changing its clearing broker from NFSC to SWST.
Meanwhile, firms including Azzad Funds and Bain Capital Private Credit retired, with reassignments ensuring continuity of clearing and settlement operations.
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