Ripple has identified corporate treasury clients handling roughly $13 trillion annually as a potential distribution channel for its $2.4 billion RLUSD stablecoin.
CoinDesk reported on Sept. 12 that Ripple stablecoin chief Jack McDonald expects the company’s treasury-management business to connect RLUSD with corporate payments, settlement and liquidity operations.
The $13 trillion figure describes annual transactions touching Ripple Treasury’s customer base. It is not an RLUSD volume forecast, revenue projection or commitment from those customers to use the stablecoin.
Ripple entered corporate treasury management through its $1 billion acquisition of GTreasury in October 2025. The business now operates as Ripple Treasury and serves approximately 1,200 corporate treasurers and chief financial officers.
According to McDonald, companies using the platform move money domestically, across borders and between their subsidiaries. “That customer base hadn’t been onchain,” he said. “They touch roughly 13 trillion dollars worth of transactions on an annual basis.”
Ripple has not disclosed how much of that activity could move into RLUSD. The figure defines the existing transaction base served by the treasury platform, leaving any stablecoin conversion as a company target instead of confirmed future volume.
“So that opportunity set is just massive,” McDonald said. His assessment represents Ripple’s commercial view and does not show that Ripple Treasury clients have agreed to replace bank deposits, wire transfers or other payment methods.
The Ripple Treasury platform currently combines cash visibility, forecasting, payments, risk management and digital-asset functions. Its website says corporate users can view conventional cash and digital assets together and create Ripple-linked wallets inside the platform.
Ripple says the system keeps traditional banking rails available while giving clients access to digital payment networks. Corporate users can therefore select a settlement method for each transaction instead of moving every treasury operation onchain.
Token Terminal data cited by CoinDesk placed RLUSD’s circulating supply at $2.4 billion, following growth of more than 50% over the preceding month. Approximately $1.4 billion circulated on Ethereum, with another $1 billion issued on the XRP Ledger.
Daily RLUSD activity climbed from roughly $200 million at the start of 2026 to approximately $750 million during August, according to figures McDonald provided. The reported increase covers transfers and other activity, which may include repeated movement of the same tokens.
“What’s more exciting to us is the utility and the daily activity,” McDonald said. Ripple has therefore placed more emphasis on transaction use than the stablecoin’s total circulating value.
RLUSD remains smaller than Tether’s USDT and Circle’s USDC. CoinDesk reported that total stablecoin circulation had exceeded $300 billion, leaving Ripple’s token with a limited portion of the market despite its recent supply growth.
The stablecoin is issued under the supervision of the New York Department of Financial Services. Ripple describes RLUSD as fully backed by cash and cash-equivalent reserves, although the latest supply figures came from Token Terminal and were not presented as a figure audited by Ripple.
No verified price reaction in XRP could be directly attributed to McDonald’s comments. RLUSD is designed to track the U.S. dollar, so ordinary price movement around $1 does not measure adoption or investor demand in the same manner as an unpegged crypto asset.
Ripple has made RLUSD its primary stablecoin for payments, according to McDonald. The company expects financial institutions to use it when settling transfers that cross currencies, jurisdictions or internal corporate entities.
Within capital markets, Ripple presents RLUSD as a cash asset for trade settlement and collateral. The token can support the cash side of tokenized-security transactions where participants need a dollar-denominated instrument on a blockchain.
Ripple has worked with DBS and Franklin Templeton on a structure involving tokenized money-market funds and lending. A September 2025 announcement described functionality allowing investors in tokenized funds to exchange their shares for RLUSD through smart contracts.
The company’s prime-brokerage business supplies another potential distribution route. Ripple purchased Hidden Road in a $1.25 billion transaction and later rebranded the operation as Ripple Prime. The original deal brought clearing, financing and multi-asset brokerage functions into Ripple’s product group.
RLUSD can serve as collateral within the prime-brokerage operation. Reuters reported when Ripple announced the acquisition that Hidden Road cleared approximately $3 trillion annually for more than 300 institutional clients.
Clearpool proposed bringing institutional lending products to the XRP Ledger, including credit infrastructure connected to Ripple and RLUSD. The proposal remained subject to Clearpool governance approval and execution.
Stablecoin lending introduces separate risks from holding a stablecoin directly. As crypto.news reported, DeFi yield can expose stablecoin holders to borrower and protocol risk even when the underlying token maintains its dollar peg.
Ripple wants to introduce RLUSD in Europe through a dual-issuance structure designed to comply with the European Union’s Markets in Crypto-Assets framework. McDonald said the company must complete an approval process before making the product available under that model.
“We would first and foremost like to offer RLUSD into Europe,” he said. “That’s a bit of a process to have dual issuance approved.”
In February, Luxembourg’s Commission de Surveillance du Secteur Financier granted Ripple a full Electronic Money Institution license. Thecompany announcement said the authorization could support regulated payment services across European Union member states.
An EMI license does not by itself confirm approval for the proposed dual-issued RLUSD structure. Ripple must complete the relevant stablecoin authorization work before representing the product as compliant and available throughout the bloc.
McDonald said demand continues to favor dollar-backed stablecoins over tokens denominated in euros or emerging-market currencies. He distinguished stablecoins from bank deposit tokens, which generally circulate inside a bank or consortium-controlled network.
“When you want to go outside of that walled garden, that’s where stablecoins come into play,” McDonald said. The comparison represents his assessment of the two product structures.
RLUSD began on Ethereum and the XRP Ledger, but Ripple is preparing deployments on Base, Ink, Optimism and Unichain. The company began testing those integrations through Wormhole’s Native Token Transfers standard in December 2025.
Ripple’s multichain announcement said the structure would let the issuer retain control over native issuance while supporting movement across participating networks. Each public deployment remained subject to testing and final NYDFS approval.
McDonald said Ripple does not intend to deploy RLUSD on every available blockchain. “We want to be where demand is,” he said. “We’re not chasing retail meme coin chains.”
Ripple has not published a completion date for its European dual-issuance process. The company’s next confirmed steps cover final regulatory clearance for the planned layer-2 launches and separate approval work required before RLUSD can enter Europe under MiCA.
