Foreign media commentators believe that after DTCC recently announced its support for issuing tokenized DTC custodial assets on the Stellar network, the market has focused too much on whether XLM will replace XRP. However, what is more noteworthy is that traditional financial infrastructure is trying to integrate different public chains into the same institutional-grade process.

Timeline points to multi-chain collaboration

The article mentions that DTCC's recent series of actions are not solely focused on Stellar. On May 4th, DTCC launched a tokenization working group, with Ripple participating; on May 12th, DTCC adopted Chainlink's CRE standard to support cross-chain interoperability; and on May 27th, DTCC announced further support for issuing tokenized assets on Stellar.

• The tokenization working group was launched on May 4.
• The Chainlink CRE standard was adopted on May 12.
• On May 27, it was announced that it would support the release of Stellar.

Following this line of thought, DTCC's focus seems more on interoperability than betting solely on a single network. The article argues that Stellar's role in this system leans more towards asset issuance and on-chain presentation layers, helping traditional assets enter the public blockchain environment.

XRP is still in the institutional link

The article cites market analysts who argue that the Ripple ecosystem is positioned more as a liquidity, settlement coordination, and institutional connectivity layer than simply an asset issuance platform. Even if Stellar is used for tokenizing assets on-chain, Ripple's infrastructure may still handle tasks such as fund allocation, collateral management, and settlement coordination in the background.

The article also mentions that Ripple's connectivity with traditional market infrastructure has been enhanced after acquiring Hidden Road and renaming it Ripple Prime. The article states that Hidden Road has integrated with DTCC-related systems, including NSCC clearing participation and the FICC US Treasury net settlement channel.

Separating chains by function better meets the needs of institutions.

The article argues that DTCC does not need to push banks, securities firms, custodians, and asset management companies onto the same chain. A more realistic approach is to allow different institutions to collaborate across different Layer 1 networks based on their business needs.

This model has precedents in the stablecoin market. Taking USDC as an example, it is already circulating on multiple networks such as Ethereum, Solana, and Stellar, with different chains fulfilling different efficiency and liquidity needs in different scenarios.

Within this framework, the public blockchain functions more as the execution and data layer, while clearing, netting, and systemic risk management remain handled by DTCC's existing infrastructure. Based on this, the article concludes that the collaboration between DTCC and Stellar is more of a step towards traditional finance gradually integrating into the blockchain ecosystem, rather than a replacement for XRP.