DTCC recently disclosed that reforms to the centralized clearing system in the U.S. Treasury market are accelerating. Currently, over $1.2 trillion in U.S. Treasury bond transactions are cleared daily through the Fixed Income Clearing Corporation (FICC), bringing the compliance deadline of the end of 2026 one step closer.
Foreign media believe that this development has attracted attention in the crypto market not because DTCC has partnered with Ripple or XRP Ledger, but because the upgrading of traditional financial infrastructure, tokenized assets, and on-chain settlement are being discussed along the same evolutionary path.
The US debt liquidation migration is more than halfway complete.
DTCC stated on its X platform that 79% of FICC government securities department net settlement members have completed the required account setup, and the majority of the remaining institutions are also working towards integration. The related survey response rate was 92%, indicating that major market participants have largely entered the practical implementation stage.
According to DTCC estimates, approximately $300 billion to $400 billion in U.S. Treasury bond transactions have not yet been migrated to the new clearing framework. Compared to the overall size, this balance is significantly smaller, indicating that this important reform of the U.S. Treasury market is nearing full implementation.
The FICC currently clears over $12 trillion in U.S. Treasury spot and repurchase transactions daily. The DTCC stated that expanding centralized clearing aims to enhance market resilience, increase transparency, reduce counterparty risk, and strengthen liquidity arrangements following the volatility in the U.S. Treasury market in 2020.
Ripple and XRPL were brought into the discussion.
Foreign media reports suggest that the market associates this update with Ripple primarily because Ripple has been continuously expanding its presence in the institutional finance sector in recent years. The report cites sources stating that Ripple Prime, an institutional brokerage and custody platform, has an annual trading volume exceeding $3 trillion, covering markets such as digital assets, forex, derivatives, precious metals, and fixed-income repurchase agreements.
The article also states that the platform serves over 300 institutional clients. Meanwhile, Ripple is increasingly appearing in discussions on post-trade infrastructure, asset tokenization, and digital asset custody, thus being seen as a potential player in the modernization of traditional finance.
DTCC has not yet announced technology integration.
The article also emphasizes that the DTCC has not announced the migration of US Treasury bond clearing to XRP Ledger, nor has it indicated that Ripple Prime has been included in its tokenization plan. Based on currently available information, there is no confirmed formal integration arrangement between the two parties.
XRP Ledger is gaining traction in the tokenized real-world asset space. Ondo Finance's tokenized US Treasury products and Guggenheim's digital commercial paper (DCP) have both been launched on XRPL. These case studies demonstrate that blockchain can be used for faster settlement, programmable collateral management, and higher-frequency asset transfers.
Foreign media outlets believe that with the simultaneous advancement of centralized clearing, tokenized assets, and on-chain settlement, public blockchains and related platforms already adopted by institutions may continue to expand their role in financial infrastructure. However, the core fact addressed in this report is still the progress of centralized clearing of US Treasury bonds disclosed by the DTCC, rather than its direct cooperation with Ripple.
