Digital Commercial Paper DCP, a fixed income asset secured by U.S. Treasuries and rated Prime-1 by Moody’s, is now live on the XRP Ledger (XRPL), a public blockchain built for the efficient tokenization of real-world assets.
Administered by Guggenheim Treasury Services, “one of the largest independent commercial paper platform managers in the world, and an indirect wholly owned subsidiary of Guggenheim Capital, LLC, DCP is tokenized, issued, and managed through the Zeconomy platform.”
On the XRPL, DCP will leverage the “network’s faster settlement, lower transaction costs, and 24/7 accessibility, modernizing how commercial paper is issued, transacted, and integrated into global treasury and liquidity systems.”
This expansion to the XRPL builds on DCP’s initial “launch in September 2024, which has already processed over $280 million in issuance.”
DCP is fully backed by maturity-matched U.S. Treasury securities and is offered “daily at custom maturities of up to 397 days.”
The asset has received a Prime-1 rating by Moody’s, the highest rating available for “a short-term debt instrument.”
DCP is issued through a bankruptcy-remote SPV (Great Bridge Capital Company), established “by Guggenheim Treasury Services to ensure investor protections, and is tokenized and managed through Zeconomy’s platform, which provides robust infrastructure, integration services, and comprehensive digital asset governance.”
On the XRPL, DCP can provide institutional clients “with a highly efficient treasury management solution that can be integrated into existing cross-border payment flows.”
This addresses critical pain points “in international trade, where traditional settlement processes can take days and involve significant operational overhead.”
Leveraging DCP in conjunction with real-time payments systems allows corporations “to lower costs, accelerate settlement, and offer greater transparency across their network of suppliers.”
Markus Infanger, Senior Vice President of RippleX
“We’re at a tipping point where tokenization is evolving from experimentation to production in global financial markets. Institutions are no longer asking if blockchain technology can support regulated financial products, they’re asking how they can deploy them at scale. The inception of DCP is a prime example of this shift and it expands the offering of institutional financial assets coming to the XRPL. The XRPL is the backbone, built to support regulated financial assets that require the efficiency, scalability, and compliance features global markets need.”
The market for tokenized real-world assets (RWAs) is “projected to grow from $600 million in 2025 to nearly $19 trillion by 2033, according to a new Ripple and BCG tokenization report.”
Bonds are expected to be the leading asset in this shift “as financial institutions turn to public blockchain technology like the XRPL to modernize operations, reduce costs, and expand access to financial markets.”
DCP is moving this vision beyond proof of concept, “demonstrating how regulated financial products can be efficiently issued and transacted onchain.”
In particular, DCP offers an ideal solution to digital traders “looking for a yield-bearing, onchain asset to use as collateral in their strategies.”
Giacinto Cosenza, CEO at Zeconomy
“Zeconomy’s platform delivers institutional-grade modules and a powerful toolkit that brings corporations and traditional finance participants together to solve real-world problems onchain. The expansion of DCP to the XRPL is a key marker for the future of tokenized finance, combining institutional strength with the enterprise focus of Ripple. This exact use case is how regulated, asset-backed instruments like DCP can thrive on public blockchains at scale.”
Ripple will invest in DCP as part of its broader effort “to bring institutional real-world assets to the XRPL.”
This builds on Ripple’s investment “in tokenized U.S. Treasuries through projects such as Ondo’s OUSG and Archax and aberdeen’s money market fund.”
The XRPL provides this level of reliability with “a comprehensive set of features needed to support institutional assets like DCP.”
It offers fast, secure, low-cost settlement to help “meet institutional requirements.”
Over the past decade, the XRPL has processed over “3.3 billion transactions without failure or security breach since 2012 while supporting over six million active wallets with a network of over 200 validators.”
DCP is available “to Qualified Institutional Buyers (QIBs) and Qualified Purchasers (QPs) as defined under applicable securities laws.”