As of late March 2026, the dollar-pegged stablecoin Ripple had 1.41 billion tokens in circulation, backed by roughly $1.57 billion in reserves — a surplus that suggests the stablecoin holds more money than it owes.
Deloitte steps in to verify the numbers
The biggest verification came weeks ago. On February 27, Deloitte – one of the largest accounting firms in the world – confirmed this RLUSD It held $1.568 billion in reserves for 1.49 billion tokens.
The Big 4 also examined an earlier snapshot from February 19, when supply reached 1.54 billion tokens, backed by $1.60 billion in reserves. Both numbers showed the same pattern: more reserve money than tokens.
the ratification It was not a complete audit. It was a spot check that confirmed that the reported numbers matched the reserve assets on those two specific dates. However, getting Deloitte’s signature carries weight, especially for a stablecoin that is still building its track record.
What the organizers ask for
RLUSD operates under a license from the New York State Department of Financial Services, which sets strict rules on how reserve assets can be held. Issuers should keep funds in segregated accounts and limit their holdings to low-risk instruments.
Eligible options include short-term U.S. Treasury securities, overnight reverse repurchase agreements, insured bank deposits, and approved money market funds. According to the Deloitte report, the RLUSD reserve structure meets all these requirements.
The NYDFS framework is one of the most stringent regulatory regimes for stablecoins in the United States. Passing this standard – and verifying it by a third-party company – gives institutional users a clearer picture of what underpins the tokens they hold.
Ripple is following a trend that is already moving
Ripple is not alone in taking this path. Earlier this year, Tether selected KPMG to examine the reserves behind it USDTits symbol tied to the dollar, as part of its push into the US market.
Data suggests that stablecoin issuers across the board are moving toward third-party verification, driven in part by increasing regulatory pressure and in part by competition for trust among large financial institutions.
RLUSD remains much smaller than USDT or… US dollars According to market size. But proven reserve surpluses and a clean regulatory record are exactly the kind of credentials that tend to attract banks and payment companies looking for a stablecoin they can rely on. Check the numbers – Now Ripple needs the market to take notice.
Featured image from Meta, chart from TradingView
