Ripple Prime, often known as Hidden Highway Companions CIV and now an entirely owned subsidiary of Ripple, appeared in a listing of a DTCC subsidiary with a “first trade date” of March 2. Mistaken members of the XRP neighborhood rapidly declared the itemizing as proof that huge settlement volumes are migrating to the XRP Ledger (XRPL).
They haven’t.
The Depository Belief Clearing Company (DTCC) has roughly $100 trillion in property beneath custody and processes $4 quadrillion price of annual transaction settlements.
Its numbers had been so spectacular that they fooled followers of Ripple into considering that its blockchain may benefit from these monetary flows.
As a substitute, the DTCC subsidiary Nationwide Securities Clearing Company’s (NSCC) itemizing of Ripple Prime in its Market Participant Identifier (MPID) listing merely implies that a really mundane authorization has been granted that doesn’t contain the XRPL settling DTCC transactions.
The DTCC discover assigns Hidden Highway the executing dealer MPID “HRFI” beneath clearing dealer “PERS” with numeric code “0443.” That code belongs to Pershing LLC, the BNY Mellon subsidiary that handles custody, settlement, and clearing for a whole bunch of smaller broker-dealers.
By order of operations, Ripple Prime/Hidden Highway executes OTC trades, then Pershing clears and settles them by NSCC. XRPL performs no function in these clearing or settlement transactions.
DTCC processes quadrillions in derivatives. 💰
XRP comprises precisely 100 quadrillion drops. 💯
Matching that scale exactly. 🧩
The XRPL was constructed to deal with it. 👇 pic.twitter.com/1HI6RGmKaz
— SMQKE (@SMQKEDQG) March 3, 2026
Furthermore, the execution approval covers OTC merchandise eligible for NSCC that are, as its title suggests, Nationwide Securities Clearing transactions. The DTCC discover exhibits OTC approval just for Ripple Prime and exhibits no checkmarks for normal corporates, municipals, or unit funding trusts.
Dozens of companies undergo this precise onboarding course of each month. On the identical discover, NSCC added listing updates for Paralel Distributors, US Bancorp Fund Companies, and several other others alongside Ripple Prime.
What Ripple really mentioned versus what followers heard
When Ripple introduced its $1.25 billion acquisition of Hidden Highway in April 2025, the press launch acknowledged, “Hidden Road will, in turn, migrate its post-trade activity across XRPL to streamline operations and lower costs.”
The longer term tense of the verb “will” indicated aspiration, not a present operation.
That deal closed in October 2025, and though Hidden Highway has rebranded to Ripple Prime and gained an enviable listing itemizing with NSCC, it’s not but settling any DTCC trades on XRPL.
Furthermore, it doesn’t have that authorization.
Ten months later, Hidden Highway’s personal web site nonetheless describes the corporate as a “global credit network for institutions” providing prime brokerage, clearing, and financing throughout conventional and digital property.
Apart from a single point out on its Ripple acquisition press launch, its web site in any other case makes zero point out of XRPL on its web site.
Wild exaggerations concerning the function of XRPL with the DTCC
An XRP influencer with greater than 270,000 followers posted that “Ripple Prime’s role in bridging TradFi and DeFi will likely move post-trade volume to the XRPL,” incomes 580,000 impressions.
Crypto retailers together with CoinGape, CryptoNinjas, and others ran headlines declaring Ripple Prime would “move post-trade activity to XRPL via NSCC link.”
Hidden Highway will course of “quadrillions” by DTCC, wrote a number of mistaken XRP followers.
Sadly, a listing itemizing isn’t an on-chain milestone.
In abstract, a soon-to-be Ripple subsidiary has FINRA broker-dealer approval and now exhibits up within the NSCC MPID listing to execute OTC trades with Pershing as its clearing dealer.
Though Ripple Prime has the regulatory scaffolding to function as an executing dealer in US securities markets, that doesn’t imply that any transactions from DTCC will essentially create demand for ledger area on the XRPL.
The timeline from Ripple for really routing Ripple Prime’s post-trade flows onto everlasting ledgers within the XRPL blockchain stays conveniently unspecified.
