The Depository Trust & Clearing Corporation (DTCC) revealed in a post on X that more than $1.2 trillion in U.S. Treasury cash transactions are already centrally cleared through the Fixed Income Clearing Corporation (FICC) each day, and that 79% of surveyed FICC Government Securities Division (GSD) Netting Members have completed the required account setup. The update follows the U.S. Treasury market's shift to mandatory central clearing, with a compliance deadline of December 31, 2026. Based on a survey with a 92% response rate, DTCC estimates that $300 billion to $400 billion in Treasury cash activity remains to migrate before the new rules take full effect. The transition is part of efforts to improve market resilience, increase transparency, reduce counterparty risk, and strengthen liquidity following the Treasury market disruptions of 2020.
DTCC Clears $1.2 Trillion Daily in U.S. Treasury Transactions
DTCC reported that more than $1.2 trillion in U.S. Treasury cash transactions are centrally cleared through FICC each day. The organization also stated that 79% of surveyed FICC GSD Netting Members have completed the required account setup, while nearly all remaining firms are actively onboarding ahead of the December 31, 2026 compliance deadline. The survey achieved a 92% response rate. DTCC estimates that $300 billion to $400 billion in Treasury cash activity remains to migrate before the new rules take full effect. FICC already clears more than $12 trillion in average daily Treasury cash and repo transactions. The expanded central clearing is part of efforts to improve market resilience, increase transparency, reduce counterparty risk, and strengthen liquidity following the Treasury market disruptions of 2020.
Ripple Prime Processes $3 Trillion Annual Volume Across Institutional Markets
Ripple Prime, the company's institutional brokerage and custody platform, reportedly processes more than $3 trillion in annual trading volume across digital assets, foreign exchange, derivatives, precious metals, and fixed-income repo markets while serving over 300 institutional clients. Ripple has become involved in conversations around post-trade infrastructure, tokenization, and digital asset custody. Tokenized U.S. Treasuries from Ondo Finance and Guggenheim's Digital Commercial Paper (DCP) are live on the XRP Ledger (XRPL), showcasing blockchain's ability to enable near-instant settlement, programmable collateral, continuous market access, and more efficient asset transfers.
DTCC Has Not Announced Integration with Ripple Technology or XRPL
DTCC has not announced any plan to migrate Treasury clearing to XRPL or Ripple technology, nor has Ripple Prime been identified as part of DTCC's tokenization initiatives. DTCC's update indicates that the world's largest financial institutions are accelerating the modernization of core market infrastructure. As central clearing, tokenized assets, and blockchain-based settlement continue to advance, platforms with established institutional adoption, such as the XRP Ledger, are positioned within the evolving financial ecosystem.
FAQ
What volume of U.S. Treasury transactions does DTCC clear daily?
DTCC clears more than $1.2 trillion in U.S. Treasury cash transactions each day through the Fixed Income Clearing Corporation (FICC). FICC clears more than $12 trillion in average daily Treasury cash and repo transactions.
What is Ripple Prime's annual trading volume?
Ripple Prime reportedly processes more than $3 trillion in annual trading volume across digital assets, foreign exchange, derivatives, precious metals, and fixed-income repo markets while serving over 300 institutional clients.
