Ripple’s dollar-pegged stablecoin, RLUSD, is showing a consistent cash cushion — and now has an independent signal to back it up.
As of late March 2026, RLUSD had 1.41 billion tokens in circulation backed by roughly $1.57 billion in reserve assets — a surplus that works out to about $0.11 more in reserves per token than the $1 peg. That follows Deloitte’s point-in-time attestation on Feb. 27, which found $1.568 billion in reserves against 1.49 billion tokens (about $0.05 surplus per token), and an earlier Feb. 19 snapshot showing $1.60 billion in reserves for 1.54 billion tokens (roughly $0.04 surplus per token).
Those Deloitte checks were attestations — not full audits — meaning the firm verified the reported figures matched on the specific dates reviewed rather than providing an ongoing audit. Still, Deloitte’s sign-off carries weight: it confirms a pattern of reserve surpluses across multiple snapshots, strengthening RLUSD’s transparency credentials.
RLUSD is issued under a New York State Department of Financial Services (NYDFS) license, which mandates strict custody and asset rules. Reserves must be held in segregated accounts and limited to low-risk instruments such as short-term U.S. Treasuries, overnight reverse repurchase agreements, FDIC-insured bank deposits, and approved money-market funds. Deloitte reported that RLUSD’s reserve mix complied with these NYDFS requirements — a significant check given that the NYDFS framework is among the strictest U.S. regimes for stablecoins.
The move toward third-party verification is catching on across the industry. Earlier this year, Tether chose KPMG to examine USDT reserves as part of its U.S. push. Regulators and institutional counterparties are increasingly demanding independent attestations as a prerequisite for onboarding stablecoins.
RLUSD remains far smaller than market leaders USDT and USDC, but steady reserve surpluses and a clean regulatory footing are precisely the attributes that can win business from banks and payment firms looking for a reliable dollar token. The numbers now check out — the next test is whether the market notices.
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