Ripple’s Hidden Road Gains as DTCC Nears Treasury Clearing Deadline

• Most firms have finished preparing for new U.S. Treasury clearing rules before the 2026 deadline.
• Ripple’s Hidden Road already holds FICC membership, positioning it within the expanding Treasury clearing network.
• DTCC says central Treasury clearing continues to grow as more firms shift trading into the regulated system.

Ripple-owned Hidden Road has come into focus after the Depository Trust & Clearing Corporation (DTCC) reported that most firms are prepared for expanded U.S. Treasury clearing ahead of a key regulatory deadline. Hidden Road holds netting membership in DTCC’s Fixed Income Clearing Corporation (FICC), placing the prime brokerage within the clearing network supporting the transition. The update comes before the December 31, 2026 Treasury cash clearing deadline.

DTCC’s latest survey of full-service FICC Government Securities Division (GSD) Netting Members showed most respondents have either completed their preparations or entered the final implementation stage. The report also showed the industry has already shifted most Treasury cash trading into central clearing, underscoring steady progress toward the new regulatory requirements.

Treasury Clearing Nears Final Stage

DTCC’s survey found respondents still process between $300 billion and $400 billion in average daily Treasury cash trades outside FICC. However, firms already clear more than $1.2 trillion in average daily Treasury cash activity through the clearinghouse, suggesting most of the required migration has already taken place.

The report also found that 79% of respondents have already established the required FICC account structures. Nearly every firm that needs membership has either completed onboarding or entered the enrollment process. Meanwhile, about one-third of dealers expect to offer Treasury cash clearing services to clients, pointing to broader participation before the deadline.

“These findings reinforce what we’re seeing across the marketplace: firms have been actively preparing for expanded U.S. Treasury clearing requirements and are making meaningful progress toward implementation,” said Laura Klimpel, Managing Director and Head of DTCC’s Fixed Income and Financing Solutions business.

Clearing Activity Continues to Grow

FICC now clears more than $12 trillion in average daily cash and repo transactions, reflecting the growing use of central clearing ahead of the Treasury mandate. Daily clearing volume has increased 165% since the Securities and Exchange Commission proposed the new rules.

Growth has also accelerated across FICC’s Sponsored Service. The platform now supports more than 2,850 sponsored members across 66 eligible jurisdictions and processes more than $2.5 trillion in average daily transactions. Trading volume has increased 771% since September 2022, highlighting the industry’s continued shift toward central clearing.

“We believe the industry is well positioned for the Treasury cash clearing deadline on December 31, 2026, and we remain focused on supporting firms as preparations continue for both the cash clearing requirement and the repo clearing deadline on June 30, 2027,” said Brian Steele, President of Clearing & Securities Services at DTCC.

Ripple’s Hidden Road and DTCC’s Broader Push

Ripple acquired prime brokerage Hidden Road earlier this year, adding a firm that already holds FICC netting membership. That position places Hidden Road within the clearing network supporting the U.S. Treasury market as firms prepare for the upcoming clearing requirements.

Alongside the Treasury clearing rollout, DTCC continues expanding its digital market infrastructure. The company recently launched a tokenization initiative involving Ondo Finance, BlackRock and J.P. Morgan while advancing cross-margining and portfolio margining services, subject to regulatory approval. 

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