Ripple Points RLUSD at a $13 Trillion Corporate Treasury Flow

Ripple wants the corporate treasurers it bought last year to start settling in its dollar stablecoin. It paid about $1 billion for GTreasury, the treasury software company those customers came with, in a deal CryptoBriefing dates to October 2025. Jack McDonald, the company's senior vice-president of stablecoins, told CoinDesk in a piece published on Saturday that Ripple Treasury's roughly 1,200 customers touch about $13 trillion of transactions a year and have done almost none of that on a public ledger. RLUSD's circulating supply is $2.4 billion. Daily activity in the token runs near $750 million, against $200 million at the start of the year. The pitch is that those treasury customers close the distance between the two figures.

What the $13 trillion counts

The figure arrives in two shapes. CoinDesk, crypto.news and CoinCentral describe it as the annual transaction volume that Ripple Treasury's customer base touches. CryptoBriefing, covering the same push a day earlier, calls it the payments volume the treasury platform itself processed last year, and puts the customer base at more than 1,000 rather than 1,200. Volume a set of companies touches and volume a platform processed are different measurements. One is an addressable market, the other a revenue line. Neither account acknowledges the other, and the published material does not settle which reading is right.

"That customer base hadn't been onchain. They touch roughly 13 trillion dollars worth of transactions on an annual basis," McDonald said.

Where the supply sits

RLUSD's $2.4 billion splits across two chains, with $1.4 billion issued on Ethereum and $1 billion on the XRP Ledger. That is up about half over the past month, on three accounts carrying the same numbers. CryptoBriefing measured $2.42 billion on 10 September, two days earlier, which is consistent. Against roughly $300 billion of stablecoins in circulation, RLUSD holds under one percent of the market. Ripple's prime brokerage arm raised $275 million in investment-grade notes in August, and crypto.news is alone in reporting that the same unit clears about $3 trillion a year for some 300 institutional clients.

The chains and the paperwork

McDonald named Base, Ink, Optimism and Unichain as the networks approved for RLUSD next. "We want to be where demand is. We're not chasing retail meme coin chains," he said. In Europe the company is assembling a dual-issuance structure to satisfy MiCA, the bloc's crypto rulebook, and has obtained authorisation in Luxembourg. No issuance date is public. CryptoBriefing alone reports approvals from New York's financial regulator and from the Dubai Financial Services Authority, names BNY Mellon as the reserve custodian publishing monthly attestations, and puts 13,000 banks on the treasury platform; no other outlet in this sweep repeats any of it.

The number Ripple has not published

Nothing here says how many of the 1,200 treasury customers have moved a dollar through RLUSD, or how much of the $13 trillion has touched a chain. Ripple has not published either number. Its own framing keeps the weight off the headline figure: "What's more exciting to us is the utility and the daily activity," McDonald told CoinDesk, which fits a business measured at $750 million a day and not by the market above it. A consortium of 21 banks and asset managers is building a dollar stablecoin for 2027, aimed at much the same buyer. Both are selling to finance departments that have so far left the money where it is.