The XRP community has uncovered new information about Ripple's recent acquisition of Hidden Road, linking it to an important U.S. Treasury clearing network.
Hidden Road's Strategic Entry into FICC
According to a DTCC bulletin dated March 11, 2025, Hidden Road was officially accepted into the FICC’s Government Securities Division on March 14, 2025, just weeks before Ripple publicly announced its acquisition.
FICC is responsible for clearing and settling large volumes of U.S. Treasury securities. Hidden Road's new status allows it to participate in many clearing operations, including buy/sell netting and GCF Repo transactions.
Rising Treasury Volumes Amplify Importance
In April 2025, the FICC announced it cleared over $11 trillion in U.S. Treasury trades in a single day, setting a new record. This sharp increase follows regulatory reforms introduced by the SEC in 2023.
Ripple stated that Hidden Road was already handling over $3 trillion annually in clearing transactions for more than 300 institutional clients.
XRP Ledger Integration and Market Reactions
Ripple plans to utilize the XRP Ledger to manage Hidden Road’s post-trade processes. By integrating XRPL into settlement workflows, the aim is to achieve near-instant finality and improve transparency.
However, Ripple clarified that XRP will not serve as the settlement asset for these transactions. Instead, RLUSD is proposed as the collateral asset on Hidden Road's platform.
The recent strategic changes by Ripple and Hidden Road could have a significant impact on the U.S. Treasury clearing market, highlighting the challenge of integrating new technologies into the financial system.
