Ripple is positioning its RLUSD stablecoin for a corporate treasury market that moves roughly $13 trillion in transactions annually. Jack McDonald, Ripple’s senior vice president of stablecoins, said the opportunity sits inside Ripple Treasury, built around Ripple’s $1 billion acquisition of GTreasury. That platform serves around 1,200 corporate treasurers and CFOs who move money across borders, between subsidiaries and domestically. McDonald noted that this customer base had not been onchain and touches roughly $13 trillion dollars worth of transactions on an annual basis.
RLUSD’s onchain footprint is expanding. Circulating supply has climbed to $2.4 billion, up more than 50% over the past month, with about $1 billion on the XRP Ledger and $1.4 billion on Ethereum. Daily activity has tripled since the start of the year, rising from around $200 million to roughly $750 million per day. Ripple says payments and capital markets are the two main adoption areas, with RLUSD used for settlement, the cash leg of transactions and collateral. The company has worked with Franklin Templeton and DBS on tokenized money market funds and lending, and RLUSD can be posted as collateral through Ripple Prime, its institutional brokerage arm built from the Hidden Road acquisition.
Ripple is preparing a MiCA-compliant entry into Europe through a dual-issuance structure and has already received regulatory authorization in Luxembourg. McDonald said that could support a broader business covering stablecoins, payments, custody and trading. RLUSD is also branching out beyond XRPL and Ethereum to networks including Base, Ink, Optimism and Unichain. “We want to be where demand is,” McDonald said, adding that Ripple is not chasing retail meme coin chains. The broader stablecoin market now has more than $300 billion in circulation.
Separate onchain data highlighted active treasury management. A fresh mint of 14,394,224 RLUSD on the XRP Ledger was followed by a 10 million RLUSD burn on XRPL and a 15 million RLUSD burn on Ethereum, totaling about $39.4 million in mint-and-burn activity over a few days. Ripple does not identify the customer or purpose behind each transaction, and mints can reflect issuance, redemptions or liquidity rebalancing rather than new end-user demand. RLUSD’s market capitalization stood near $2.40 billion on Sept. 11, up from roughly $2.26 billion at the beginning of September, with daily trading volume around $114 million.
Ripple also published an institutional guide emphasizing that RLUSD is backed 1:1 by cash and permitted cash equivalents, held in segregated reserves, with redemption rights and regulatory oversight. In August, approximately $449.3 million of RLUSD was minted on XRPL while about $448.9 million was burned, nearly a one-for-one turnover, underlining the importance of distinguishing treasury activity from sustained demand.
