Jack McDonald, Ripple’s senior vice president of stablecoins, said in an interview with CoinDesk on Sunday (Sept. 13) that one of the biggest opportunities is Ripple Treasury.
That’s the business built around Ripple’s $1 billion purchase of treasury-management software provider GTreasury in 2025. Ripple Treasury has around 1,200 corporate treasurer and CFO clients who move funds across borders, between subsidiaries and domestically, offering Ripple a pool of traditional financial activity it could bring onto blockchain rails, McDonald said.
“That customer base hadn’t been on-chain,” he told CoinDesk. “They touch roughly $13 trillion worth of transactions on an annual basis.
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“So that opportunity set is just massive,” McDonald added.
The report noted that this opportunity is appearing as stablecoins become a larger part of payments and financial infrastructure. More than $300 billion of these tokens are now in circulation, while governments are establishing regulatory frameworks and banks, payment companies and FinTechs are building around stablecoins.
According to CoinDesk, Ripple’s RLUSD stablecoin, which launched almost two years ago, still trails Tether’s USDT and Circle’s USDC, though it has been growing quickly. Its circulating supply has risen to $2.4 billion, a more than 50% increase over the past month, the report added, citing Token Terminal data.
In related news, PYMNTS wrote last week that stablecoins “have gotten boring, fast.” That’s a good sign for the industry as it tries to get end-users to think of the coins not as “stablecoins” but rather “as an always-on layer for moving liquidity, extending credit, and settling financial obligations,” the report said.
This came after a series of announcements in the prior days in which stablecoins were featured not so much as the product being built and more as an underlying component within products that already look like recognizable financial services, such as credit facilities, card programs, cross-border treasury, developer infrastructure, settlement and custody.
“The first phase of institutional stablecoin adoption asked whether blockchain could move money faster or more cheaply,” PYMNTS wrote. “The emerging phase is now asking what financial products become possible when money, settlement and transaction data can operate continuously on programmable infrastructure.”
Two years ago, that report added, many institutional crypto announcements involved just adding blockchain as another method of money movement. More recently, developments have shown something “structurally different,” with blockchain now embedded inside the machinery that determines how money is “funded, stored, routed, converted and ultimately put to work.”
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