Ripple Says Annual Transaction Volume Hit $16 Trillion, Matching Visa — BigGo Finance

Ripple processed nearly $16 trillion in transactions over the past year, a figure that puts the blockchain payments company on par with Visa’s annual volume and underscores its push to compete with legacy financial networks.

The disclosure came from Chief Executive Officer Brad Garlinghouse, who framed the milestone as evidence that enterprise blockchain adoption is moving from theory to practice. The transaction flows stem largely from two acquisitions Ripple completed over the past year, both of which gave the company direct exposure to institutional payment and clearing activity that previously ran almost entirely through traditional rails.

Hidden Road, a prime brokerage now operating as Ripple Prime, cleared about $3 trillion in transactions. GTreasury, rebranded as Ripple Treasury, processed roughly $13 trillion in payment activities. Together, the two platforms account for the bulk of the $16 trillion figure.

The rebranded units serve distinct functions. Ripple Prime is the institutional prime brokerage arm offering clearing, trading, and settlement, while Ripple Treasury provides businesses with advanced payments and cash management services following the integration of GTreasury.

Despite the headline number, only 0.1% of the aggregate volume currently settles on-chain through XRP, stablecoins, or other blockchain-based assets. Garlinghouse pointed to that gap as the company’s biggest opportunity, noting that even a 0.1 percentage point increase in on-chain settlement would translate into roughly $160 billion in additional blockchain activity.

“The priority is moving more of that activity on-chain to deliver speed, cost, and settlement certainty,” he said, describing the $16 trillion benchmark as “Visa size.”

The executive argued that corporate finance leaders are increasingly asking how digital assets can unlock trapped capital and improve liquidity. He attributed the demand to practical financial utility rather than speculative trading interest.

“You have to have utility. If it’s just speculation or meme coins, that’s not sustainable,” Garlinghouse said.

RLUSD Stablecoin Crosses $2 Billion

Ripple’s dollar-pegged stablecoin RLUSD has surpassed a $2 billion market cap, with nearly $1 billion of that supply issued on the XRP Ledger and approximately $1.05 billion on Ethereum. The token, which launched in December 2024, has grown its market value eightfold since inception.

Note: Figures reflect the most recent reported data and are subject to change as tokens are minted and redeemed.

The chain-level split matters because it shows where the stablecoin is actually being used, not just where it was announced. A large share on XRP Ledger suggests RLUSD is finding native demand for payments, trading pairs, and settlement on that network, reinforcing the ledger’s relevance beyond XRP itself.

RLUSD is designed to maintain a $1 value, with reserves consisting of cash and cash equivalents including short-term US Treasury bills, government money market funds, and bank deposits. Deloitte provides monthly attestation of reserves.

Expanding Institutional Footprint

Ripple has been steadily widening RLUSD’s reach. In July, the company introduced Ripple Mint, a platform that allows eligible institutions to issue and redeem the stablecoin through a web interface or API. The company has also integrated RLUSD with Mastercard settlement, launched the token in Japan and Turkey, connected it to crypto exchange Bitso, and partnered with African payments platform Flutterwave.

A custody arrangement with BNY Mellon has been established around the token as part of the institutional infrastructure being built to support stablecoin settlement at scale.

For Ripple, the strategy hinges on converting a larger share of its expanding payment and treasury operations onto blockchain technology. The company has achieved significant volume through acquisitions, but executives acknowledge that increasing the on-chain share will be key to long-term growth and to delivering the efficiency gains that blockchain advocates have long promised.

A rising stablecoin market cap typically raises a token’s visibility with exchanges, market makers, and treasury desks, which can deepen liquidity and tighten spreads. For RLUSD, sustained growth could translate into more trading pairs and wider acceptance across institutional payment corridors.

Whether the trajectory holds will depend on redemption flows and how much new supply continues to land on XRP Ledger versus other chains in the months ahead. Even small shifts toward blockchain-based settlement could bring notable gains in transaction activity for the XRP Ledger and related infrastructure, according to company executives.