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- Ripple Prime’s addition to the NSCC directory connects Ripple’s brokerage operations directly to Wall Street’s clearing system.
- XRP community members view the listing as a step toward routing institutional post-trade activity onto the XRP Ledger.
Ripple Prime, the prime brokerage division of the blockchain payments company, and formerly known as Hidden Road, has been registered in the National Securities Clearing Corporation (NSCC) Market Participant Identifiers (MPIDs) directory.
The update was announced through a notice by the Depository Trust and Clearing Corporation (DTCC), the parent company of NSCC. The update has resulted in debate among members of the XRP community. Some consider it a breakthrough in Ripple’s efforts to link traditional finance to blockchain systems.
The integration of #Ripple and Hidden Road continues to scale.
The latest DTCC notice shows Hidden Road ($HRFI) officially going live on the NSCC directory March 2, 2026. Ripple Prime's role in bridging TradFi and DeFi will likely move post-trade volume to the XRPL pic.twitter.com/H9qwav3fLO
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) March 2, 2026
As we reported, Ripple acquired Hidden Road in October last year for $1.25 billion and renamed it Ripple Prime. The acquisition made it the first cryptocurrency-related company to establish and operate a global-scale multi-asset prime broker. Hidden Road had previously reported clearing approximately $3 trillion annually across several diverse markets for more than 300 institutional clients. The NSCC listing now places Ripple Prime within the operational framework used for centralized clearing and settlement of broker-to-broker trades in U.S. securities markets.
NSCC, a branch of DTCC, offers clearing, settlement, risk management, and central counterparty services to equity and corporate bond transactions. Being listed in the MPIDs database gives companies an accredited status in the post-trade processes at Wall Street institutions.
Former CTO David Schwartz noted that the DTCC notice still used the Hidden Road name. He says the listing process was probably initiated before the acquisition was completed because the regulatory approvals were still pending.
XRP Community Reacts to Ripple Prime NSCC Listing
Following the confirmation, members of the XRP community shared their reactions across social media platforms. Several users described the listing as evidence that Ripple Prime now has a direct operational connection to legacy clearing infrastructure. Some posts suggested that the integration provides a pathway for institutional transaction flows to interact with the XRP Ledger (XRPL), depending on how the company structures its post-trade processes.
At the time of the acquisition, Ripple stated that Hidden Road’s post-trade activity would migrate to the XRPL. According to the company, blockchain-based settlement would help decrease operational expenses and enhance transaction speed. In this case, they would implement the institutional settlement processes on the XRPL, where XRP serves as the native asset, to charge transaction fees and manage liquidity.
However, the NSCC directory inclusion does not imply that the NSCC is currently using the XRPL. Instead, it validates that Ripple Prime has the right to conduct business within the laid-down clearing framework. The platform, which recently integrated Hyperliquid, would have to reach agreements with counterparties to enable any movement of post-trade activity onto the XRPL.
The XRP price has recovered after a bearish dip that saw it fall 17% over the last 30 days. At press time, the XRP price was trading at $1.39, a 1.68% rise from the support level and a 3% gain in the last 7 days.
