Ripple's USD-pegged stablecoin RLUSD has achieved significant milestones in its first 13 months of existence, with total reserves now standing at $1.473 billion. Standard Custody CEO Jack McDonald highlighted this growth in a recent social media post, noting the token was launched in December 2024.
The stablecoin's adoption has accelerated with its listing on Binance, the world's largest cryptocurrency exchange. Ripple CEO Brad Garlinghouse described the Binance listing as "an extremely positive development" that boosts RLUSD's visibility, liquidity, and user base while ensuring faster settlement.
RLUSD has also been integrated as core collateral by LMAX, a global trading platform used by professional and institutional traders. This integration allows traders to post RLUSD to access liquidity across both crypto and traditional markets, signaling growing trust in the asset as financial infrastructure.
In a recent ranking, RLUSD emerged as the second fastest-moving stablecoin for 2025, indicating active engagement and efficient transaction processing. The stablecoin's adoption has contributed to approximately $400 million in growth on the Aave lending protocol and is expanding its geographic reach on OSL, a regulated Asian exchange where it trades against both USD and Tether on Ethereum.
Simultaneously, Ripple has launched Ripple Treasury, a new platform built on treasury management software acquired through Ripple's $1 billion purchase of GTreasury in October 2025. The platform aims to let finance teams manage both cash and digital assets in one system, addressing fragmentation in global cash management across disparate accounts and jurisdictions.
The treasury platform offers real-time cash positions, automated forecasting, seamless reporting spanning traditional cash, digital assets, RLUSD, and XRP holdings, plus automated reconciliation and audit trails. Ripple is effectively attempting to become a "treasury OS" that routes liquidity across 13,000 banks, potentially insulating the company from payments infrastructure commoditization by owning the interface where routing decisions are made.
RLUSD is the clearest beneficiary of this integration, as the platform explicitly embeds the token into settlement tools, describing cross-border settlement in RLUSD with "3–5 second settlement using digital assets as bridge currency." This treats the stablecoin as a functional component of a software suite rather than just a trading instrument.
However, on-chain analytics present a mixed picture: while RLUSD's circulating supply exceeds $1.4 billion, its monthly transfer volume has declined by roughly 16.5% over the last 30 days to $3.59 billion. The new treasury platform represents a test—if successful in integrating RLUSD into real corporate workflows, it should drive sustained transfer activity and shift counterparty usage toward settlement rather than just exchange liquidity.
For the XRP Ledger (XRPL), the impact depends on where flows settle. Currently, only about 24% of RLUSD's reported $1.41 billion circulating supply appears to be issued on XRPL (approximately $338 million), with the remainder on Ethereum. GTreasury's pitch emphasizes integration-heavy connections to banks via direct APIs, which may make the platform chain-agnostic in practice unless Ripple steers settlement specifically toward XRPL.
The ledger's stablecoin market cap stands at $395.77 million with 30-day transfer volume of $809.81 million (up 33.53%), suggesting rising activity. GTreasury's materials mention a concept for an XRPL money market fund portal—the kind of back-office integration that could translate into steady network usage if adopted.
XRP retains a bridge currency narrative within the new platform, which provides unified reporting across traditional cash, digital assets, RLUSD, and XRP holdings. However, stablecoins like RLUSD often better suit corporate treasury needs due to familiar units of account, lower volatility risk, and easier audit controls. XRP's role may narrow to corridors where a bridge asset remains operationally superior, though bridge usage doesn't automatically translate into significant standing XRP demand.
