Ripple targets corporate treasuries as RLUSD stablecoin grows to $2.4B
Ripple sees treasury customers as next stablecoin growth engine
Ripple is targeting corporate treasuries as the next growth engine for its RLUSD stablecoin, according to Jack McDonald, the company's senior vice president of stablecoins.
McDonald told CoinDesk that Ripple Treasury, the business built around Ripple's $1 billion acquisition of treasury-management software provider GTreasury, is one of the biggest opportunities. The platform's roughly 1,200 corporate treasurer and CFO customers handle around $13 trillion in transactions a year, he said.
Key numbers behind RLUSD
- RLUSD circulating supply reached $2.4 billion, up more than 50% in the past month, according to Token Terminal data cited by CoinDesk.
- About $1 billion of RLUSD is on the XRP Ledger and $1.4 billion is on Ethereum, the article said.
- Daily activity more than tripled to roughly $750 million a day last month from about $200 million at the start of the year, McDonald said.
- More than $300 billion of stablecoins are now in circulation, the article noted.
What Ripple says about usage
McDonald said Ripple is more focused on RLUSD being used than on the size of its circulating supply. Payments and capital markets are the two main areas of adoption, with RLUSD serving as the primary stablecoin in Ripple's payments business and as a tool for settlement and collateral in capital markets.
Ripple has worked with Franklin Templeton and DBS on tokenized money-market funds and lending, and RLUSD can be posted as collateral through Ripple Prime, Ripple's institutional brokerage built from its acquisition of Hidden Road.
McDonald described the shift as stablecoins moving from being crypto assets to becoming part of financial infrastructure.
Europe and network expansion
Ripple wants to offer RLUSD in Europe through a dual-issuance structure compliant with the European Union's Markets in Crypto-Assets (MiCA) framework, McDonald said. He said dual issuance has to be approved first.
Ripple has received regulatory authorization in Luxembourg, which McDonald said could support a broader MiCA-compliant stablecoin, payments, custody and trading business. He added that demand still favors dollar-backed stablecoins over euro-denominated or emerging-market currency tokens.
RLUSD has expanded beyond the XRP Ledger and Ethereum to networks including Base, Ink, Optimism and Unichain. McDonald said Ripple wants to be where demand is and is not chasing retail meme coin chains.
Why the treasury push matters
McDonald said Ripple's treasury customers had not been using blockchain-based systems. Bringing that activity onto blockchain rails is the opportunity Ripple is pursuing.
The article notes that stablecoins are moving beyond crypto trading into payments and financial infrastructure, with more than $300 billion in circulation and governments setting regulatory frameworks.
What comes next
McDonald said Ripple would first like to offer RLUSD in Europe. The company still needs approval for its planned MiCA-compliant dual-issuance structure, he said.
