- Ripple Prime joins the NSCC directory, clearing OTC trades under broker code PERS (0443).
- Approval follows $1.25B Hidden Road deal, linking institutional flows to XRPL plans.
- NSCC listing limits activity to OTC as XRPL expands with stablecoin and options plans.
Ripple Prime has secured regulatory approval after joining the participant directory of the National Securities Clearing Corporation (NSCC), a subsidiary of the Depository Trust & Clearing Corporation (DTCC).
The development follows Ripple’s $1.25 billion acquisition of Hidden Road in 2025, representing a structural step that could connect institutional post-trade activity to the XRP Ledger (XRPL). The listing became effective with a first trade date of March 2, 2026.
The NSCC confirmed in an Important Notice that “Hidden Road Partners CIV US LLC” has been added to its MPID Directory. The firm appears under clearing broker PERS with numeric code 0443, while HRFI is identified as the executing broker. According to the notice, the approved product category is limited to over-the-counter (OTC) transactions.
The document shows a check mark only beside OTC products. No approvals are indicated for corporate securities, municipal bonds, or Unit Investment Trusts (UITs) in this specific update. As a result, the firm’s participation currently applies strictly to OTC clearing within the NSCC framework.
With the inclusion in the clearing system, Ripple Prime can process eligible OTC trades through the NSCC’s centralized infrastructure. The NSCC handles trillions of dollars in daily transactions across U.S. markets.
Institutional Link to the XRP Ledger
Ripple acquired Hidden Road for $1.25 billion in 2025. Before the acquisition, Hidden Road processed approximately $3 trillion in annual volume for more than 300 institutional clients. Ripple previously stated that the transaction would enable Hidden Road to migrate its post-trade business onto the XRP Ledger.
Following the NSCC update, Ripple CTO Emeritus David Schwartz responded to disclosures about the listing on X, describing the development as “important.”
The regulatory step accompanies broader institutional activity on the XRP Ledger. Last month, French bank Société Générale launched a euro-denominated stablecoin on the network. Additionally, reports indicate that the ledger is preparing to introduce options trading for institutional participants.
Related: Ripple Moves XRPL to Community-Led Funding in 2026
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Source: https://coinedition.com/nscc-adds-ripple-prime-linking-institutional-trades-to-xrpl/