As of late March 2026, Ripple’s dollar-pegged stablecoin, RLUSD, had 1.41 billion tokens in circulation and was backed by roughly $1.57 billion in reserves — a surplus indicating the stablecoin holds more cash than outstanding tokens.
Deloitte Steps In To Verify The Numbers
On February 27, Deloitte confirmed RLUSD held $1.568 billion in reserves against 1.49 billion tokens. The firm also verified an earlier snapshot from February 19, when supply was 1.54 billion tokens backed by $1.60 billion in reserves. Both point-in-time checks showed more money in reserve than tokens outstanding.
The attestation was not a full audit but a verification that reported figures matched reserve assets on those specific dates. Still, Deloitte’s confirmation carries weight for a stablecoin building its track record.
What The Regulators Require
RLUSD operates under a license from the New York State Department of Financial Services (NYDFS), which requires issuers to hold reserve assets in segregated accounts and limit holdings to low-risk instruments. Eligible assets include short-term U.S. Treasuries, overnight reverse repurchase agreements, insured bank deposits, and approved money-market funds. According to Deloitte’s report, RLUSD’s reserve structure meets these requirements.
The NYDFS framework is considered among the stricter U.S. regulatory regimes for stablecoins. Passing that standard — and having it verified by an outside firm — gives institutional users clearer visibility into what backs the tokens they hold.
Ripple Follows A Trend Already In Motion
Ripple is not alone in seeking third-party verification. Earlier this year, Tether selected KPMG to examine reserves behind USDT as part of a U.S. push. Data show stablecoin issuers broadly moving toward external checks, driven by regulatory pressure and competition for trust among banks and payment firms.
RLUSD remains far smaller than USDT or USDC by market size. But consistent reserve surpluses and a clean regulatory record are credentials that can attract institutions looking for a reliable stablecoin. The numbers check out — now Ripple needs the market to take notice.
Featured image from Meta, chart from TradingView