Ripple pitches RLUSD to corporate treasurers via GTreasury’s $13T transaction base
The stablecoin’s supply was cited at $2.4B, with Europe MiCA dual issuance and selective multichain rollout also in scope.
Ripple is framing corporate treasury workflows as the next distribution channel for its RLUSD stablecoin, pointing to Ripple Treasury customers that process roughly $13 trillion in annual transactions. The company is pairing that pitch with a MiCA-compliant Europe plan and a selective approach to adding new chains beyond XRP Ledger and Ethereum.
Key Takeaways
- Ripple Treasury serves roughly 1,200 corporate treasurers and CFOs whose workflows “touch roughly 13 trillion dollars worth of transactions on an annual basis,” positioning that base as a potential RLUSD adoption funnel, said Ripple SVP of Stablecoins Jack McDonald.
- RLUSD circulating supply was cited at $2.4 billion, up more than 50% over the past month, per Token Terminal data referenced in the interview.
- Supply is already split across two liquidity centers at about $1 billion on XRP Ledger and about $1.4 billion on Ethereum.
- McDonald said RLUSD “daily activity” more than tripled since the start of the year to roughly $750 million a day last month from about $200 million.
Ripple’s $13T Corporate Treasury Pitch for RLUSD
Ripple is trying to move the RLUSD conversation away from exchange listings and toward distribution. The claim is straightforward. Corporate treasury is the next adoption lane.
Jack McDonald, Ripple’s SVP of stablecoins, tied that lane to Ripple Treasury, the corporate treasury business built around Ripple’s acquisition of treasury-management software provider GTreasury. The platform has roughly 1,200 corporate treasurer and CFO customers, and McDonald said that base “touch roughly 13 trillion dollars worth of transactions on an annual basis.”
The framing matters because it identifies a counterparty that is not already native to crypto. “That customer base hadn't been onchain,” McDonald said. The implication is that RLUSD’s next marginal buyer is not a DEX LP or a perp trader. It is a finance team moving cash across borders, between subsidiaries, and domestically.
The catch is embedded in the same pitch. Ripple did not provide conversion assumptions for how much of that $13 trillion can realistically migrate to on-chain settlement using RLUSD. The addressable market is large. The adoptable market is still undefined.
RLUSD’s Recent Growth: Supply at $2.4B and Activity Near $750M/Day
Ripple is backing the distribution story with recent growth metrics. RLUSD circulating supply was cited at $2.4 billion, up more than 50% over the past month, per Token Terminal data referenced in the interview.
The chain split is already meaningful. About $1 billion of RLUSD supply was described as sitting on XRP Ledger, with about $1.4 billion on Ethereum. That is not a token that lives on one rail and mirrors to another. It is bifurcated liquidity.
McDonald also pushed a KPI shift from market cap to throughput. “What's more exciting to us is the utility and the daily activity,” he said. He put a number on it: RLUSD daily activity “more than tripled since the beginning of the year,” rising to roughly $750 million a day last month from about $200 million.
Traders should treat that activity figure as directionally useful, not yet audit-grade. The methodology behind “daily activity” was not specified, leaving open whether it refers to on-chain transfer volume, payments volume, or a blended measure.
Why GTreasury Is the Distribution Wedge
The GTreasury deal is the structural piece. Ripple paid $1 billion for a treasury-management software provider last year, then built Ripple Treasury around it. That is a distribution asset, not a branding exercise.
Ripple’s stated goal is to connect treasury workflows to on-chain money movement. That is where stablecoins stop being a crypto-native settlement tool and start competing with existing corporate cash rails. McDonald described the broader shift as “this evolution from stablecoins being a crypto asset to [become] part of financial infrastructure.”
Ripple is also positioning RLUSD as a component inside a larger institutional stack. Payments and capital markets were described as the two main adoption areas. RLUSD is the primary stablecoin in Ripple’s payments business. In capital markets, it can be used for the cash leg of transactions, settlement, and collateral.
Named counterparties matter here because they signal the type of flow Ripple is chasing. Ripple has worked with Franklin Templeton and DBS around tokenized money-market funds and lending. RLUSD can also be posted as collateral through Ripple Prime, the institutional brokerage business built from Ripple’s acquisition of Hidden Road.
“Who benefits” is clearer than usual. Ripple benefits if treasury and capital markets clients adopt RLUSD because it pulls stablecoin usage into Ripple’s custody, trading, payments, and prime brokerage perimeter. The counterparty is any incumbent cash-management and settlement rail that loses volume when corporates settle with tokenized dollars instead.
Selective Multichain Expansion: Base, Ink, Optimism, Unichain—But Not Everywhere
Ripple is signaling expansion, but not a blanket multichain strategy. McDonald said Ripple has added or received approval for RLUSD on networks including Base, Ink, Optimism, and Unichain.
The ambiguity is operational, not philosophical. “Added or received approval” is not broken down chain-by-chain, so it is unclear which networks have live issuance versus pending green lights. That distinction matters for liquidity expectations because “approved” does not move supply until issuance and market-making follow.
Ripple is also tying chain selection to demand rather than marketing. “We want to be where demand is,” McDonald said. “We're not chasing retail meme coin chains.”
Europe is the other forward leg, and it is being framed as compliance-first distribution. Ripple wants to offer RLUSD in Europe via a MiCA-compliant dual-issuance structure. “We would first and foremost like to offer RLUSD into Europe,” McDonald said, adding, “That's a bit of a process to have dual issuance approved.”
McDonald said Ripple already has regulatory authorization in Luxembourg that could support a broader MiCA-compliant stablecoin, payments, custody, and trading business. The unresolved detail is whether that authorization is already MiCA-specific or a separate approval Ripple expects to leverage for MiCA operations.
My Take: RLUSD’s Next Catalyst Is Distribution, Not Another DEX Listing
The threshold that matters is whether Ripple can turn GTreasury’s installed base into repeatable on-chain settlement, not whether RLUSD appears on one more venue. The $13 trillion figure is a narrative anchor, but the real signal will be whether RLUSD supply keeps growing from the cited $2.4 billion level after a >50% month-over-month jump, and whether the ~$750 million/day activity number holds once the methodology is clarified.
If Europe lands via a MiCA dual-issuance structure with a dated approval milestone and named issuing entities, the setup starts to look structural rather than headline-driven. Without that, and without chain-by-chain clarity on what “added or received approval” means for Base, Ink, Optimism, and Unichain, multichain talk is just optionality. This matters in practical terms only if distribution converts into persistent supply growth and measurable settlement flow outside the current XRPL/Ethereum split.
