DTCC Wants Multiple Blockchains, Not Just One
According to Nisbett, DTCC is not trying to pick one blockchain winner. Instead, the company wants different blockchains to work together.
He explained that Stellar is only one of several networks DTCC plans to use, alongside chains like $XRP and Ethereum.
Nisbett compared the situation to stablecoins, saying tokenized assets become more useful when they can move across many chains instead of staying on one network.
He also stressed that DTCC still controls the main settlement system for U.S. stocks. Public blockchains like Stellar are being added as extra trading and liquidity layers, while final settlement remains inside DTCC’s own infrastructure.
Because of this, Nisbett argued that Stellar is not “replacing” $XRP or Ripple.
Ripple Still Has a Strong Institutional Position
Nisbett said Ripple is still well-positioned in institutional finance. He pointed to products like Ripple Prime and $RLUSD as important parts of Ripple’s long-term strategy.
Hidden Road, which Ripple acquired earlier this year, already participates in the National Securities Clearing Corporation ecosystem and helps clear over-the-counter broker transactions.
According to Nisbett, Ripple’s broader plan could allow institutions to manage treasury services through Ripple Prime, use $RLUSD as collateral, connect different blockchains through systems like Chainlink, and eventually settle transactions through infrastructure linked to DTCC.
He believes the biggest value in tokenized finance will come from settlement systems, not simply from hosting assets on blockchains.
DTCC May Not Need New Crypto Laws
Nisbett also argued that DTCC may not need major new legislation to continue expanding into blockchain technology.
He claimed DTCC received SEC no-action relief in December 2025, allowing it to test tokenized asset services without going through some traditional regulatory filings.
According to him, this gives DTCC room to experiment with public blockchains like Stellar and XRPL while crypto regulations are still being discussed.
Nisbett also mentioned DTCC patents that reportedly reference XRPL and $XRP compatibility for cross-chain liquidity.
He added that DTCC’s pilot program will continue through 2028, which he believes gives the company enough stability to continue integrating blockchain technology regardless of political changes.
What DTCC Announced
The debate started after DTCC confirmed its partnership with the Stellar Development Foundation.
DTCC said the collaboration will support the tokenization of DTC-custodied assets on the Stellar network and help build a more interoperable digital financial system.
The company also said the initiative is part of a strategy to support multiple blockchain networks rather than rely on a single chain.
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