Key points

  • Ripple says its treasury-management customers handle roughly $13 trillion in payments annually.
  • That figure is a potential pool of activity and does not represent existing RLUSD transaction volume.
  • The company is also pursuing a MiCA-compliant dual-issuance structure before offering RLUSD in Europe.

Ripple is positioning its RLUSD stablecoin for corporate treasury workflows, using the customer network it gained through its acquisition of treasury-management provider GTreasury. Jack McDonald, Ripple's senior vice president of stablecoins, told CoinDesk in an interview published September 12 that the platform's customers process roughly $13 trillion in transactions annually.

That number is an estimate of payment activity handled by the customer base, not money already settled with RLUSD. Ripple Treasury's own website currently displays $12.5 trillion in payments volume and 13,000 connected banks. The difference appears to reflect rounding in the interview, and neither figure is a forecast of stablecoin adoption.

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A distribution strategy built around treasury software

Ripple acquired GTreasury for $1 billion in 2025 to enter corporate treasury management. CoinDesk reported that the platform serves about 1,200 treasurers and chief financial officers whose work includes domestic payments, cross-border transfers and movements between subsidiaries. Ripple's strategy is to place digital-asset functions inside those existing workflows rather than ask companies to adopt a separate crypto product.

The Ripple Treasury product page says users can view conventional cash and digital assets in one system and create an enterprise wallet within the platform. Those features establish a route through which customers could use RLUSD, but access does not prove that the customers will shift a material share of their payments to the token.

RLUSD grows, but remains behind the leaders

CoinDesk, citing Token Terminal data, reported RLUSD circulation of about $2.4 billion, up more than 50% over one month. About $1 billion was on the XRP Ledger and $1.4 billion on Ethereum. McDonald said daily activity reached roughly $750 million last month, compared with about $200 million at the start of 2026.

Circulating supply and transaction activity answer different questions. Supply measures tokens outstanding, while activity can include repeated transfers of the same units. The larger corporate-payment figure is broader still: it describes flows handled by treasury clients across existing financial rails. Comparing the three without those distinctions would overstate RLUSD's current role.

Payments and capital markets are the first targets

McDonald identified payments and capital markets as the main areas of use. Ripple has made RLUSD its primary stablecoin for its payments business, while institutions can use it for the cash side of tokenized-asset transactions, settlement and collateral. The company has also integrated stablecoin, custody, brokerage and treasury-management capabilities through acquisitions and partnerships.

For corporate finance teams, the proposed benefit is operational: digital dollars could move within a system already used to monitor liquidity, bank accounts and risk. Actual adoption will depend on regulatory permissions, liquidity, counterparties, accounting treatment and whether the full payment process improves on bank rails. Ripple did not announce a conversion timetable for its treasury customers.

Europe requires another approval step

Ripple also wants to offer RLUSD in Europe through a dual-issuance structure designed to comply with the Markets in Crypto-Assets framework. McDonald described that approval as a process still to be completed. This is separate from Ripple's existing Luxembourg authorization as a crypto-asset service provider, which the company announced in July.

The distinction is important because authorization to provide crypto services does not by itself confirm that a specific dollar stablecoin can be issued across Europe under the planned structure. Until approvals, integrations and customer usage are demonstrated, the $13 trillion figure is best understood as the scale of the commercial network Ripple hopes to address—not a measure of RLUSD payments already secured.

Sources

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