26 min ago3 min readJack McDonald (middle), SVP of Stablecoins at Ripple, speaking at Consensus 2025 (CoinDesk)SummaryRipple sees corporate treasuries as a major growth opportunity for its RLUSD stablecoin, with Ripple Treasury customers processing roughly $13 trillion in transactions annually, Jack McDonald, SVP of stablecoins, told CoinDesk in an interview.RLUSD circulation surged more than 50% in a month to $2.4 billion, but McDonald said utility matters more than market cap, pointing to daily activity more than tripling since the start of the year to about $750 million.Ripple is also looking to bring RLUSD into Europe through a MiCA-compliant dual-issuance structure, while remaining selective about expansion to additional blockchains, he said.Ripple, the financial services firm closely associated with the XRP Ledger (XRP) blockchain, is looking to corporate treasurers to drive the next leg of growth for its Ripple USD RLUSD$1.0013 stablecoin, eyeing a customer base that handles roughly $13 trillion in transactions annually.Jack McDonald, Ripple's senior vice president of stablecoins, told CoinDesk in an interview that the one of the biggest opportunities is Ripple Treasury, the business built around its $1 billion acquisition of treasury-management software provider GTreasury last year.The platform’s roughly 1,200 corporate treasurer and CFO customers move money across borders, between subsidiaries and domestically, giving Ripple a large pool of traditional financial activity it could bring onto blockchain rails, McDonald said.“That customer base hadn't been onchain,” he said. “They touch roughly 13 trillion dollars worth of transactions on an annual basis.”“So that opportunity set is just massive,” McDonald added.That opportunity is opening up as stablecoins move beyond their roots in crypto trading and become a bigger part of payments and financial infrastructure. More than $300 billion of stablecoins are now in circulation, while governments are putting regulatory frameworks in place and banks, payment firms and fintechs are increasingly building around the technology.RLUSD, launched nearly two years ago, remains far behind long-established giants Tether's USDT USDT$0.9997 and Circle's USDC USDC$0.9998, but it has been growing rapidly.Its circulating supply has climbed to $2.4 billion, up more than 50% over the past month, according to Token Terminal data. About $1 billion is on the XRP Ledger, while $1.4 billion is on Ethereum ETH$2,534.12.Ripple USD (RLUSD) stablecoin supply (Token Terminal)But Ripple is more focused on RLUSD being used than the headline market capitalization.“What's more exciting to us is the utility and the daily activity,” McDonald said.RLUSD's daily activity more than tripled since the beginning of the year, climbing to roughly $750 million a day last month from about $200 million, he noted.Payments and capital markets drive usagePayments and capital markets are currently the two main areas of adoption. Ripple has made RLUSD the primary stablecoin in its payments business, while in capital markets the token can be used for the cash leg of transactions, settlement and collateral.Ripple has worked with firms including Franklin Templeton and DBS around tokenized money-market funds and lending, while RLUSD can also be posted as collateral through Ripple Prime, the institutional brokerage business built from its acquisition of Hidden Road.That strategy reflects Ripple's broader push to combine stablecoins with custody, trading, payments and prime brokerage rather than operate RLUSD as a standalone product.“What we're seeing [...] is this evolution from stablecoins being a crypto asset to [become] part of financial infrastructure,” McDonald said.Europe and broader expansionEurope is another market Ripple wants to open for RLUSD.McDonald said the company would first like to offer the dollar-backed token there through a dual-issuance structure compliant with the European Union's Markets in Crypto-Assets (MiCA) framework.“We would first and foremost like to offer RLUSD into Europe,” he said. “That's a bit of a process to have dual issuance approved.”Ripple has already received regulatory authorization in Luxembourg, which McDonald said could support a broader MiCA-compliant stablecoin, payments, custody and trading business.He added that demand still heavily favors dollar-backed stablecoins over euro-denominated or emerging-market currency tokens.Ripple also sees the proliferation of stablecoins and tokenized-deposit projects from banks as validation of onchain money. McDonald said deposit tokens can work well inside a bank or consortium network, while stablecoins become more useful when money needs to move outside those systems.“When you want to go outside of that walled garden, that's where stablecoins come into play,” he said.RLUSD is also expanding beyond its original homes on the XRP Ledger and Ethereum. McDonald said Ripple has added or received approval for networks including Base, Ink, Optimism and Unichain, but does not plan to be everywhere.“We want to be where demand is,” he said. “We're not chasing retail meme coin chains.”Related Assets12345678910