On June 10, Bloomberg reported that Guggenheim Treasury Services, a subsidiary of Guggenheim Capital, has launched its Digital Commercial Paper (DCP) on the Ripple-affiliated XRP Ledger (XRPL), providing institutional investors with the opportunity to invest in short-term debt instruments through a decentralized financial network.
The digital commercial paper is tokenized and issued by fintech startup Zeconomy, backed by U.S. Treasuries, and will leverage the XRP ledger's 24/7 trading capabilities, fast settlement speeds, and low-cost transactions to modernize the issuance, trading, and integration of commercial paper into global treasury and liquidity systems. The asset has received a Moody's Prime-1 rating, the highest credit rating for short-term debt instruments. As part of the collaboration, Ripple will invest $10 million in Guggenheim's DCP program, according to Bloomberg.
Institutional investors enter a new phase
DCP was first launched on Ethereum in September 2024. To date, approximately $20.5 million of DCP has been issued on Ethereum, with a cumulative issuance of more than $280 million . The launch of DCP on the XRP ledger marks Guggenheim's expansion of its tokenized debt products from Ethereum to more blockchain platforms.
For the market, this means that the pace of tokenization of real-world assets (RWA) is accelerating, and the integration of traditional finance and blockchain technology has entered a new stage that is beginning to truly promote large-scale implementation. This also sends a clear signal: tokenization is not a short-term trend, but an important change that may reshape the infrastructure of the financial market.
For users, cross-chain deployment improves the liquidity, accessibility and efficiency of assets, while also dispersing technical risks to a certain extent and enhancing transparency and compliance. More importantly, this model opens up space for future digital asset innovation, allowing traditional financial products to have higher flexibility and programmability, thereby better serving the needs of global capital flows and corporate financial management.
On the XRP Ledger (XRPL), Digital Commercial Paper (DCP) provides institutional clients with an efficient, flexible and compliant treasury management solution. As a tokenized asset backed by U.S. Treasuries and rated Prime-1 by Moody's, DCP can be seamlessly integrated into existing cross-border payment and fund management systems, becoming a bridge between traditional finance and blockchain technology. This integration not only improves the liquidity and efficiency of capital use, but also brings greater operational flexibility to financial institutions and corporate clients.
What impact will the launch of DCP have on the market and enterprises?
The traditional cross-border settlement process usually involves multiple intermediaries, complex clearing mechanisms and long settlement cycles (usually 2 to 5 working days), resulting in high transaction costs, lack of transparency, and increased credit and liquidity risks. In addition, differences in regulatory environments, currency exchange mechanisms and banking hours in different countries further complicate the process.
Ripple is a well-known global payment protocol and an exchange network. The cryptocurrency XRP provides financial payment services to the world, facilitating low-cost, trustless and instant cross-border funds transfers.
By combining DCP with a real-time payment system, companies can achieve instant settlement, automated execution, and 24/7 fund transfers on the chain. This not only significantly shortens the settlement time (from days to seconds), but also significantly reduces the operating costs and counterparty risks brought by the middlemen. At the same time, based on the traceability and smart contract functions of blockchain, each transaction is highly transparent and auditable, thereby improving the trust and compliance of the entire supply chain financial system.
Furthermore, the introduction of DCP also provides global companies with new liquidity management tools. For example, in international trade financing scenarios, exporters can use DCP as high-quality liquid assets (HQLA) for mortgage financing and quickly obtain short-term funds; while importers can obtain stable short-term returns by holding DCP and use it as a credit enhancement tool. This innovative application method is driving the traditional financial market to evolve in a more open, efficient and inclusive direction.
In general, the deployment of DCP on XRPL is not only an important upgrade to the existing financial infrastructure, but also a key step in promoting the digital transformation of the global trade and payment system. It marks that tokenized assets have begun to truly integrate into the mainstream financial ecosystem and have shown great potential in improving efficiency, reducing costs and enhancing transparency.
The boom of tokenized real-world assets
Guggenheim's entry into the XRP ledger reflects the growing interest of institutional investors in tokenized real-world assets (RWA). A Binance study found that in the first half of 2025, tokenized real-world assets grew by more than 260%, surging from approximately $8.3 billion to more than $23 billion. According to RWA.xyz data, tokenized private credit, U.S. Treasuries, and commodities currently dominate the RWA market, with a combined market value of approximately $22.8 billion.
Several Wall Street giants, including BlackRock and Franklin Templeton, are competing for market share in the RWA field. Among them, the USD Institutional Digital Liquidity Fund (BUIDL) issued by BlackRock through Securitize is currently the largest single RWA product in decentralized finance, with a market value of more than US$2.8 billion (data: The Block).
"We are at a tipping point where tokenization is moving from experimentation to mass adoption," said Markus Infanger, senior vice president of RippleX, a subsidiary of Ripple. "Institutions no longer question whether blockchain technology can support regulated financial products, but are beginning to think about how to deploy them on a large scale. The birth of DCP is a typical example of this transformation, and it has further enriched the types of institutional-grade financial assets entering XRPL. XRPL is the backbone of the future financial system, and it has the characteristics required by the global market, such as efficiency, scalability and compliance."
DePIN and RWA tokenization is an emerging technology that has gradually developed in recent years. The decentralized physical infrastructure network (DePIN) uses the principle of decentralization to manage physical infrastructure, while the real world asset (RWA) tokenization converts physical assets into digital tokens, making them easier to trade and manage. RWA is included in DePIN, and the integration of the two can create powerful synergies. For example, decentralized cloud computing power can tokenize idle computing resources (RWA tokenization), thereby allowing partial ownership and transactions of physical assets to flow on digital platforms, fully releasing the liquidity and accessibility of physical infrastructure investments.
According to a tokenization report jointly released by Ripple and Boston Consulting Group (BCG), the market size of tokenized real-world assets (RWAs) is expected to grow from US$600 million in 2025 to nearly US$19 trillion in 2033. Bonds will become the dominant asset class in this transformation.
The launch of DCP on XPRL shows that financial institutions are using public chain technologies such as XRPL to modernize capital operations, reduce costs and expand access to financial markets. The launch of DCP is advancing this vision from proof of concept to actual implementation, demonstrating how regulated financial products can be efficiently issued and traded on the chain. In particular, for digital traders who want to use profitable on-chain assets as collateral, DCP may provide an ideal choice.
refer to:
https://ripple.com/ripple-press/guggenheim-uses-zeconomy-to-issue-digital-paper-on-xrp-ledger/
