TLDR
- Ripple is targeting corporate treasurers who process roughly $13 trillion in transactions annually to expand its RLUSD stablecoin
- RLUSD’s circulating supply has grown to $2.4 billion, up more than 50% in the past month
- Daily RLUSD activity has tripled since the start of the year, reaching around $750 million per day
- Ripple plans to bring RLUSD to Europe through a MiCA-compliant dual-issuance structure
- RLUSD is expanding to new blockchain networks including Base, Ink, Optimism, and Unichain
Ripple is turning its attention to corporate treasurers as the next big driver of growth for its RLUSD stablecoin. The company sees a $13 trillion annual transaction opportunity sitting just within reach.
📊 ANALYSIS: Ripple is positioning ethereum:0x8292bb45bf1ee4d140127049757c2e0ff06317ed for a much bigger market than crypto trading.
Ripple’s stablecoin chief says its corporate treasury customers already process roughly $13 trillion annually.
That does NOT mean $13 trillion is… pic.twitter.com/spFkcRKcTC
— InvestKong (@pengesekk) September 12, 2026
Jack McDonald, Ripple’s senior vice president of stablecoins, told CoinDesk that one of the biggest opportunities lies within Ripple Treasury. That business was built around Ripple’s $1 billion acquisition of treasury management software provider GTreasury last year.
The platform serves around 1,200 corporate treasurers and CFOs. These customers move money across borders, between subsidiaries, and domestically.
“That customer base hadn’t been onchain,” McDonald said. “They touch roughly 13 trillion dollars worth of transactions on an annual basis.”
RLUSD launched nearly two years ago. It remains far behind Tether’s USDT and Circle’s USDC, but its growth numbers are moving in the right direction.
RLUSD Supply and Activity on the Rise
The stablecoin’s circulating supply has climbed to $2.4 billion, rising more than 50% over the past month, according to Token Terminal data. About $1 billion sits on the XRP Ledger, while $1.4 billion is on Ethereum.
Daily activity has also picked up. McDonald said daily transactions grew from around $200 million at the start of the year to roughly $750 million last month.
Ripple says it cares more about how RLUSD is actually being used than its total market cap. Payments and capital markets are currently the two main areas where it is seeing adoption.
Ripple has made RLUSD the primary stablecoin in its payments business. In capital markets, the token can be used for settlement, the cash leg of transactions, and as collateral.
The company has worked with Franklin Templeton and DBS on tokenized money market funds and lending. RLUSD can also be posted as collateral through Ripple Prime, its institutional brokerage arm built from the acquisition of Hidden Road.
Europe and New Blockchain Networks in Sight
Europe is the next market Ripple wants to enter with RLUSD. McDonald said the company plans to offer the token there through a dual-issuance structure compliant with the EU’s Markets in Crypto-Assets regulation, known as MiCA.
Ripple has already received regulatory authorization in Luxembourg. McDonald said that could support a broader MiCA-compliant business covering stablecoins, payments, custody, and trading.
Demand still heavily favors dollar-backed stablecoins over euro or emerging-market currency tokens, he added.
RLUSD is also branching out beyond the XRP Ledger and Ethereum. Ripple has added or received approval for networks including Base, Ink, Optimism, and Unichain.
McDonald said Ripple is not trying to be everywhere. “We want to be where demand is,” he said. “We’re not chasing retail meme coin chains.”
The stablecoin market now has more than $300 billion in circulation, with banks and payment firms building more actively around the technology.
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