Ripple Targets $13 Trillion Through RLUSD and Treasury Clients
Ripple is using RLUSD for treasury payments and settlement, with a MiCA-ready European rollout and a growing role on XRP Ledger and Ethereum.
Key Takeaways
- Ripple sees corporate treasurers as a growth engine for RLUSD, with about $13 trillion in annual transactions combined.
- RLUSD supply rose to $2.4 billion, and daily activity has more than tripled this year.
- Ripple also wants to offer RLUSD in Europe through a MiCA-ready dual-issuance structure.
Ripple sees corporate treasurers as the next big growth engine for RLUSD. According to senior vice president of stablecoins Jack McDonald, this is a customer group that processes about $13 trillion (€11.2 trillion) in transactions each year combined. That means Ripple is clearly focusing on traditional payment flows that still have not moved on-chain.
Treasury as a Growth Channel
McDonald said in an interview that Ripple Treasury is becoming especially important. That unit is built around last year's $1 billion (€0.9 billion) acquisition of treasury software company GTreasury. Through that platform, Ripple serves about 1,200 corporate treasurers and CFOs who move money between countries, between subsidiaries, and within their own organizations.
Ripple wants to gradually connect those existing money flows to blockchain rails. The focus is not just on issuing a stablecoin, but also on using it in everyday financial processes. McDonald stressed that the company is mainly looking at RLUSD's practical use, not just its market cap.
RLUSD Is Growing in Use
RLUSD has now been around for almost two years and still has a smaller position than Tether and Circle. Even so, the stablecoin is growing fast. The circulating supply rose to $2.4 billion (€2.1 billion), more than 50% higher than a month earlier, according to Token Terminal. About $1 billion (€0.9 billion) of that is on the XRP Ledger and $1.4 billion (€1.2 billion) on Ethereum.
Activity also increased sharply. McDonald said RLUSD's daily activity has more than tripled this year, from about $200 million (€173 million) to around $750 million (€647 million) per day last month. Ripple now uses RLUSD as its main stablecoin in its payments business. In capital markets, the token can be used for settlement, cash legs, and collateral.
That broader role fits a market where stablecoins are increasingly being used outside crypto trading. More than $300 billion (€259 billion) in stablecoins is now outstanding worldwide, while banks, payment companies, and fintechs are increasingly building products around them. Ripple is also working with firms like Franklin Templeton and DBS on tokenized money market funds and lending. U.S. Bank recently tested its own dollar stablecoin for cross-border payments and treasury use as well, showing that major financial institutions are moving in the same direction.
Europe and MiCA
For European crypto readers, the big point is that Ripple also wants to offer RLUSD in Europe. The company first wants to do that through a dual-issuance structure that fits within MiCA, the European rules for crypto assets. Ripple received full authorization as a Crypto Asset Service Provider in Luxembourg in July 2026, which could form the basis for a broader regulated offering around stablecoins, payments, custody, and trading.
According to McDonald, market demand is still mainly focused on dollar-backed stablecoins for now, more than on euro tokens or tokens in emerging markets. Ripple has also expanded RLUSD to several networks, including Base, Ink, Optimism, and Unichain, but it does not want to be everywhere at once.
