Ripple’s $24M XRP Dispute Threatens Its $400M Tranglo Stake

A Malaysian court has granted Ripple a charging order over Seamless Group’s 60% holding in Tranglo, placing a major cross-border payments asset at the center of a dispute involving approximately $24 million in unpaid XRP invoices.

The order gives Ripple security over Seamless Group’s interest in the Malaysian payments company. That stake was valued at about $400 million in January, meaning the asset caught up in the proceedings is substantially larger than the debt Ripple is seeking to recover. The court action does not, by itself, mean that the Tranglo shares have been sold or transferred. Rather, it creates a legal claim over the holding that may allow Ripple to pursue repayment from the asset if the underlying dispute remains unresolved.

The unpaid amount was identified as $23,952,480 in a filing disclosed by Nasdaq-listed Currenc Group on Oct. 7. The figure represents the principal balance of invoices connected to XRP, the digital asset associated with Ripple. The filing brought a specific value to a dispute that had previously been described in broader terms as an unpaid-invoice claim.

Charging orders are generally used to secure a creditor’s interest in shares or other assets owned by a debtor. They can restrict the ability to dispose of the asset freely and establish the creditor’s priority if the asset is sold or otherwise realized. The order therefore puts pressure on the debtor without necessarily triggering an immediate change in ownership.

In this case, the subject of the order is Seamless Group’s controlling position in Tranglo. A 60% interest gives Seamless a majority stake in the payments company, while the reported valuation indicates that the holding represents a significant portion of Seamless Group’s corporate assets. The court’s decision links that stake directly to Ripple’s effort to recover the outstanding invoices.

Tranglo is a cross-border payments business that has been associated with Ripple’s broader payments strategy. Ripple acquired a substantial interest in the company in 2022, a move that underscored Tranglo’s role in remittance and international money-transfer infrastructure. Tranglo’s operations have made it relevant to the development of payment systems that use digital assets or blockchain-based settlement, although the charging order concerns Seamless Group’s ownership interest rather than Tranglo’s day-to-day operations.

The dispute illustrates the financial and legal complications that can arise when commercial invoices are tied to digital-asset transactions. XRP is traded in public markets and can be used in payment-related arrangements, but invoices denominated in or linked to the token can still produce conventional contractual disputes over payment, delivery and liability. The court order is focused on securing the alleged debt, not on establishing a new valuation for XRP or resolving broader questions about the digital-asset market.

The $23.95 million principal is also distinct from any additional amounts that could arise through interest, legal fees or enforcement costs. The available disclosure identifies the principal balance, but it does not establish that the total amount ultimately recoverable will be exactly the same. Nor does the information indicate whether the parties have reached a settlement, whether the order has been challenged or what steps Ripple may take next.

For Seamless Group, the order places its Tranglo investment under legal constraint at a time when the stake carries a reported valuation of roughly $400 million. A forced sale is not an automatic consequence of a charging order, and the court’s action should not be read as proof that Tranglo itself is being sold. Any further enforcement would depend on the terms of the order, the progress of the dispute and additional court procedures.

The disclosure by Currenc Group is significant because it provides a public record of the debt and identifies the asset against which Ripple is seeking protection. Currenc’s filing did not turn the dispute into a claim for the entire value of Tranglo. Instead, the reported numbers show a creditor seeking repayment of about $24 million while securing an interest in a much larger corporate holding.

The case may attract attention from investors because it connects a listed company disclosure, a private ownership dispute and one of the most valuable assets associated with the parties. It also demonstrates how a dispute over invoices can extend beyond the original commercial relationship and affect ownership interests in a separate payments business.

At this stage, the central development is the Malaysian court’s decision to grant Ripple the charging order. The order preserves a potential route to recovery, but the final financial outcome will depend on whether the unpaid balance is settled, contested or enforced against Seamless Group’s stake in Tranglo.