Ripple Targets $13 Trillion Treasury Flows to Scale RLUSD on XRP Ledger

Ripple Courts $13 Trillion in Treasury Flows

Ripple is steering its RLUSD stablecoin toward a corporate treasury market it sizes at roughly $13 trillion in annual transactions, in the clearest signal yet that the firm tied to the XRP Ledger sees stablecoins as financial infrastructure rather than a crypto-trading product. Jack McDonald, Ripple's senior vice president of stablecoins, identified Ripple Treasury — the business built around last year's $1 billion acquisition of treasury-management software provider GTreasury — as one of the biggest growth openings for the dollar token. The platform's roughly 1,200 corporate treasurer and CFO clients move money across borders, between subsidiaries and domestically, a large pool of traditional activity Ripple wants to bring on-chain. RLUSD's circulating supply has climbed to $2.4 billion, up more than 50% in a month, with about $1 billion issued on the XRP Ledger and $1.4 billion on Ethereum. McDonald stressed that utility matters more than headline market cap: daily activity more than tripled since the start of the year, from roughly $200 million to about $750 million a day last month. Payments and capital markets drive usage — RLUSD anchors Ripple's payments business, serves the cash leg of tokenized transactions with firms like Franklin Templeton and DBS, and can be posted as collateral through Ripple Prime, the brokerage built from the Hidden Road acquisition. Ripple has also added or been approved for networks including Base, Ink, Optimism and Unichain, extending the token across an omnichain footprint, while a MiCA-compliant dual-issuance structure is planned to open Europe.

10 Million RLUSD Minted on XRPL

On-chain data shows Ripple minted 10 million RLUSD on the XRP Ledger, keeping circulating supply on the network above $1 billion at approximately $1.053 billion even as September's issuance tempo cooled. The month's heaviest session came on September 1, when 143.1 million RLUSD were minted and 7.2 million burned; subsequent days ran at far lower volumes. No new tokens were issued on September 10, when 1.5 million RLUSD were burned, and issuance resumed on September 11 with 21.9 million minted and 387,000 removed from circulation. The Ethereum side mirrored the slowdown: zero minting and 15 million burned on September 10, then 528,000 minted and 4 million burned a day later. Over the past seven days, 45.6 million RLUSD were issued on the XRP Ledger against 22.8 million burned. The token is meanwhile reaching decentralized finance beyond Ripple's own ecosystem — the RLUSD–USDS pair on Uniswap V4's Sparks Stablecoin FX Layer topped $600 million in volume in its first week — and Clearpool, Ripple's on-chain credit partner, is relocating the core of its infrastructure from Ethereum to the XRP Ledger, preparing an institutional credit fund with Cicada Partners for fintech and payment firms that would settle exclusively in RLUSD. Issuance itself runs through Ripple subsidiary Standard Custody & Trust Company under a New York Department of Financial Services trust charter, a structure Ripple says features segregated reserves, regular independent attestation and active NYDFS oversight. Our earlier coverage tracked Clearpool's fee-burn CLEAR token arriving on the ledger in that same Ethereum exit.

Ledger Growth Outpaces XRP Demand

The demand question for XRP itself is more complicated. On-chain analytics show XRPL stablecoin capitalization rose 22.2% in a month, from $921.9 million on August 12 to $1.126 billion on September 11, with RLUSD accounting for roughly 91.5% of that total. Thirty-day DeFi exchange volume on the ledger jumped 152.1% to $253.1 million from $100.4 million in the prior period, though the most recent seven days slipped 25.4% to $30.6 million. XRP traded near $1.32, up 29.7% over the month but down 8.7% on the week — consolidation consistent with the compressed $1.34–$1.37 Bollinger range we flagged earlier. Whether ledger growth translates into token demand remains unproven: XRPL's auto-bridging routes a swap through XRP as an intermediate asset only when that path offers the best rate, direct pairs can bypass it, and public data discloses neither the share of trades passing through XRP nor market makers' average holding periods. Depth at the single-pool level is also limited — the XRP/RLUSD AMM pool held roughly 1.72 million XRP and 2.29 million RLUSD, about $4.6 million combined, or just 0.41% of the ledger's stablecoin total. Minimum fees of 10 drops, permanently burned, tie activity to only modest XRP demand, a dynamic that echoes our recent finding on ledger payment volume climbing 26% without clear token buy-side proof. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

Utility Build-Out Precedes Demand Proof

A parallel development on the native-asset side: RippleX head of product Jazzi Cooper said XRP serving as collateral for institutional credit could be a "killer use case," pointing to the ledger's XLS-65 and XLS-66 amendments as the enablers. XLS-65, the Single Asset Vault amendment, pools assets from multiple depositors, while XLS-66, the Lending Protocol, enables on-chain, fixed-term, uncollateralized loans from those pooled funds, relying on off-chain underwriting to assess borrower creditworthiness. Both amendments are the most significant institutional lending deployments on XRPL to date and are currently in voting, with a LendingProtocolV1_1 revision — including a 'MemoData' field added to the VaultDelete transaction — slated to ship in XRPL 3.4.0 next week. Cooper framed both as dynamic protocols that will gain functionality over time.

A new institutional thread has emerged around the token itself: XRP exchange-traded funds have now recorded inflows for eight consecutive weeks. Twelve XRP ETFs currently exist, six of which hold more than $100 million in assets, with the Bitwise XRP ETF the largest at roughly $520 million — a fund that has taken in about $127 million in new capital over the past three months, more than a quarter of its total assets. Sustained ETF demand can tighten tradable supply, yet XRP still slipped about 5% on the week, with analysts pointing to a hotter-than-expected inflation print, the prospect of Federal Reserve rate hikes, and regulatory uncertainty around the CLARITY Act — flagged as facing a decisive moment on September 15 — as macro and political headwinds outweighing the institutional flows for now.

(as of 19:46 UTC) Read together, the three threads describe a ledger whose financial infrastructure is compounding faster than its native asset's measurable demand. The most load-bearing record here is the issuance itself: on-chain mint-and-burn transactions on the XRP Ledger confirm RLUSD supply above $1.05 billion, a figure independent of company commentary. Ripple's $13 trillion treasury pitch, the Uniswap V4 volumes and Clearpool's migration all point one direction — stablecoin utility is migrating onto XRPL rails, with RLUSD growing into its $2.4 billion footprint. COINOTAG's reading of the flow data is that until XRP-route share and market-maker inventory are disclosed, the token's case rests on fee burns and collateral plumbing; investors weighing exposure can consult our guide on how to buy XRP while those disclosures remain pending.