As of late March 2026, Ripple’s dollar-pegged stablecoin RLUSD had about 1.41 billion tokens in circulation and was backed by roughly $1.57 billion in reserve assets — a surplus indicating more cash on hand than tokens outstanding.
Third-party verification from Deloitte bolsters those figures. On February 27, Deloitte confirmed RLUSD reserves of $1.568 billion against a token supply of 1.49 billion. The firm also verified an earlier snapshot from February 19 showing 1.54 billion tokens backed by $1.60 billion in reserves. Both checks were point-in-time attestations that the reported numbers matched the reserve assets on those dates.
These attestations were not full financial audits but they carry weight because an independent firm confirmed the issuer’s reported balances for specific dates. For a stablecoin trying to build institutional trust, repeated, verifiable snapshots are an important part of the track record.
RLUSD operates under a New York State Department of Financial Services (NYDFS) license, which requires issuers to hold reserves in segregated accounts and limit holdings to low-risk instruments. Eligible assets under that framework include short-term U.S. Treasuries, overnight reverse repurchase agreements, insured bank deposits, and approved money-market funds. Deloitte’s report indicates RLUSD’s reserve mix meets those NYDFS requirements.
The NYDFS regime is among the stricter U.S. regulatory approaches to stablecoins. Meeting its standards — and having that compliance verified by an outside firm — gives banks, payment providers, and other institutional users clearer visibility into what backs the tokens they hold.
Ripple’s move toward third-party verification follows a broader industry trend. Earlier in 2026, Tether selected KPMG to review USDT reserves as part of a U.S.-focused effort. Data show many stablecoin issuers are increasingly publishing external checks, driven by regulatory pressure and competition for institutional trust.
RLUSD remains much smaller than market leaders such as USDT and USDC. Still, consistent reserve surpluses and a clean regulatory footprint are credentials that can make it more attractive to institutions seeking a reliable dollar peg. The numbers published and verified so far check out; now the question is whether the market will take notice.