Key Highlights
- Ripple aims to leverage relationships with corporate treasurers handling approximately $13 trillion in yearly transactions to scale RLUSD stablecoin adoption
- The circulating supply of RLUSD has reached $2.4 billion, representing over 50% growth in just one month
- RLUSD transaction volumes have surged threefold since January, now averaging approximately $750 million daily
- A European expansion for RLUSD is in the works, featuring a dual-issuance framework aligned with MiCA regulations
- The stablecoin is extending its presence across multiple blockchain platforms, including Base, Ink, Optimism, and Unichain
Ripple has identified corporate treasury departments as a strategic pathway for accelerating adoption of RLUSD, its dollar-pegged stablecoin. The firm believes it can tap into a massive $13 trillion market flowing through these financial channels annually.
Speaking with CoinDesk, Jack McDonald, who leads stablecoin operations as senior vice president at Ripple, highlighted the significant potential within Ripple Treasury. This division emerged from Ripple’s substantial $1 billion purchase of GTreasury, a treasury management software company, completed in the previous year.
The software platform caters to approximately 1,200 corporate treasury professionals and chief financial officers. These clients regularly facilitate cross-border payments, inter-subsidiary transfers, and domestic financial operations.
“This client base had not yet migrated to blockchain technology,” McDonald explained. “Collectively, they handle approximately 13 trillion dollars in transaction volume each year.”
RLUSD entered the market almost two years ago. While it still trails significantly behind market leaders Tether’s USDT and Circle’s USDC, recent performance metrics indicate positive momentum.
Expanding Supply and Transaction Volume
According to Token Terminal analytics, the total circulating supply of RLUSD has expanded to $2.4 billion, marking an increase of more than 50% during the last 30 days. The distribution shows approximately $1 billion deployed on the XRP Ledger, with the remaining $1.4 billion circulating on Ethereum.
Transaction activity has experienced notable acceleration as well. McDonald revealed that daily transaction volumes have grown substantially from approximately $200 million in early January to around $750 million in the previous month.
According to Ripple, the focus remains on practical utility rather than simply pursuing market capitalization metrics. The company currently observes the strongest traction in two sectors: payment processing and capital markets applications.
Within its payments infrastructure, Ripple has positioned RLUSD as the default stablecoin option. For capital markets use cases, the token serves multiple functions including settlement operations, serving as the cash component in various transactions, and functioning as collateral.
Notable partnerships include collaborations with Franklin Templeton and DBS for tokenized money market fund products and lending services. Additionally, RLUSD is accepted as collateral through Ripple Prime, the company’s institutional brokerage platform developed following its acquisition of Hidden Road.
European Market Entry and Multi-Chain Expansion
Ripple has set its sights on Europe as the next strategic market for RLUSD deployment. McDonald indicated that the company intends to introduce the stablecoin across European markets using a dual-issuance model that adheres to the European Union’s Markets in Crypto-Assets framework, commonly referred to as MiCA.
The company has secured regulatory approval in Luxembourg. According to McDonald, this authorization could enable a comprehensive MiCA-compliant operation encompassing stablecoins, payment services, custody solutions, and trading activities.
He noted that market appetite continues to strongly favor USD-denominated stablecoins compared to euro-based or emerging market currency alternatives.
Beyond its original deployment on XRP Ledger and Ethereum, RLUSD is expanding its blockchain footprint. Ripple has either launched on or received approval for integration with additional networks such as Base, Ink, Optimism, and Unichain.
McDonald emphasized Ripple’s selective approach to network expansion. “We want to be where demand is,” he stated. “We’re not chasing retail meme coin chains.”
The overall stablecoin market has surpassed $300 billion in total circulation, with traditional financial institutions and payment companies increasingly developing infrastructure and products around this emerging technology.
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