Inside Subway’s Total Overhaul Powered By Ripple Treasury

• Here’s how Subway is unlocking new advantages and opportunities by leveraging Ripple Treasury solutions.

The latest online chatter highlights how Ripple, through Ripple Treasury, has bridged Subway, one of the leading companies in the fast-food industry, from the clutches of traditional finance (TradFi) to the modern-day blockchain-based system. The move significantly updated the restaurant chain’s value chain from an opaque, manual, and slow process into a highly transparent, near-instantaneous liquidity management system.

Ripple Treasury and SubwaySubway is one of the clients that GTreasury brought along with its acquisition by Ripple for $1 billion in October 2025. It’s hard to find the exact date when the two started collaborating before 2024. Nonetheless, it led to the fast-food giant’s gold award for Best TMS Implementation at the Treasury Management International (TMI) Awards that same year.

Why Ripple Treasury Matters for Companies Like Subway

Before the GTreasury, Subway managed more than 450 bank accounts across over 70 banks. Along the way, its treasury division largely handled records, management, and authorizations in those accounts manually. These were coupled with extensive paperwork for record backups. Basically, things were no different than how businesses worked a couple of decades ago.

ADVERTISEMENTThe Ripple Treasury integration substantially improved Subway’s treasury management by streamlining the accounts into 350 across 30 banks. Additionally, it enabled transparency into its value transfers, with 98% cash visibility and real-time data on a unified cloud-based dashboard. What’s more, it automated around 90% of the fast-food chain’s payments, with approximately 100,000 automated transactions occurring semi-annually.

The restaurant has now automated its general ledger in North America, thanks to Ripple’s treasury solutions. On a wider rollout, it would lead to a frictionless accounting and auditing framework across the company’s 44,000 locations worldwide.

Subway’s Blockchain Journey

Subway has been exploring blockchain integration since 2019. Forbes reported that year that the company and its franchise networks had considered leveraging distributed ledger technology (DLT) to enhance traceability of its supply chain.

ADVERTISEMENTLucena Angarita, then-Director of Supply Chain Systems & Standards at Independent Purchasing Cooperative (IPC), highlighted in an interview with the business publication that Subway is 100% franchisee-owned, with nearly 30,000 of its restaurants concentrated in North America alone. It means that planning, executing, consolidating, and reconciling purchases, sales, logistics, and other activities at such a scale can be quite challenging and lead to operational bottlenecks. Now, wrapping things up in the broader value chain can amplify the challenges.

Ripple Treasury’s framework greatly mitigates redundancies and gaps in these systems. Its solutions consolidate fragmented spreadsheets and complex workflows into a unified, blockchain-enabled ledger. Meanwhile, it is optimizing cash flows while benefiting from the deep liquidity of the XRP Ledger (XRPL).

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