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 a wholly owned subsidiary of Guggenheim Capital, DCP is tokenized, issued, and managed through the Zeconomy platform.
On the XRPL, DCP will leverage the network’s fast settlement, low transaction costs, and round-the-clock accessibility, modernizing the issuance, transaction, and integration of commercial paper 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 special purpose vehicle (SPV), Great Bridge Capital Company, established by Guggenheim Treasury Services to ensure investor protections.
On the XRPL, DCP can offer institutional clients a highly efficient treasury management solution that can be seamlessly integrated into existing cross-border payment flows.
“We’re at a tipping point where tokenization is evolving from experimentation to production in global financial markets,” said Markus Infanger, Senior Vice President of RippleX, said in a prepared statement.
“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,” Infanger added.
DCP offers an ideal solution for digital traders seeking a yield-bearing, on-chain asset to use as collateral in their strategies.
“Zeconomy’s platform delivers institutional-grade modules and a powerful toolkit that brings corporations and traditional finance participants together to solve real-world problems on-chain,” said Giacinto Cosenza, CEO at Zeconomy, in a statement. “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.”
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 abrdn’s money market fund.
DCP is available exclusively to Qualified Institutional Buyers (QIBs) and Qualified Purchasers (QPs) as defined under applicable securities laws
