Guggenheim Launches Digital Commercial Paper on XRP Ledger, Backed by U.S. Treasuries

Guggenheim Treasury Services has launched the first native issuance of Digital Commercial Paper (DCP) on the XRP Ledger (XRPL), marking a major milestone in the evolution of real-world asset tokenization.

Powered by the Zeconomy platform, DCP has already surpassed $280 million in issuance volume since its debut in September 2024. The fixed income instrument, rated Prime-1 by Moody’s, is fully backed by maturity-matched U.S. Treasury securities and offered at flexible maturities of up to 397 days.

DCP is managed through Great Bridge Capital Company, a bankruptcy-remote special purpose vehicle (SPV) created by Guggenheim Treasury Services, a subsidiary of Guggenheim Capital and one of the largest independent managers of commercial paper platforms globally.

By leveraging the XRP Ledger’s low-cost, high-speed settlement infrastructure, DCP becomes instantly accessible 24/7, offering a streamlined, modernized solution for commercial paper issuance and settlement. This expansion enhances DCP’s reach into global treasury operations and liquidity management workflows.

“We’re at a tipping point where tokenization is evolving from experimentation to production in global financial markets,” said Markus Infanger, Senior Vice President at RippleX. “Institutions are no longer asking if blockchain can support regulated products — they’re asking how to deploy them at scale.”

DCP’s presence on XRPL delivers a compelling proposition for institutional clients — enabling seamless integration into cross-border payment systems and offering a yield-bearing, on-chain asset that can serve as collateral in trading strategies.

According to Giacinto Cosenza, CEO of Zeconomy, “This marks a key moment for tokenized finance. Zeconomy’s platform equips institutions with robust, institutional-grade tools to solve real-world problems directly on-chain.”

As part of its strategy to bring institutional-grade real-world assets (RWAs) to XRPL, Ripple has also invested in DCP. This move follows Ripple’s previous involvement in tokenized U.S. Treasury initiatives, including Ondo’s OUSG and Archax and abrdn’s money market fund.

DCP is exclusively available to Qualified Institutional Buyers (QIBs) and Qualified Purchasers (QPs) under applicable securities regulations.