A new Ripple USD (RLUSD) reserves report has been revealed by BPM. The report focuses on Ripple’s subsidiary, Standard Custody & Trust Company, which is responsible for the completeness, accuracy and validity of RLUSD reserves until Dec. 31, 2024.
As of the end of 2024, the RLUSD supply outstanding is 77,208,201 RLUSD, with the market value of the reserves estimated at $83,214,671. Considering that the stablecoin is pegged 1:1 to USD, the coverage ratio is 107.77%. Most of this coverage is provided by U.S. Treasury Bills, equivalent to $30,095,603.
The next largest asset in reserves is $30,119,460. This is followed by $22,978,696 equivalent in cash deposits with U.S. financial institutions and $20,912 in accrued interest.
As noted in the report, the reserves are denominated in U.S. dollars and are held in one or more bank accounts at depository institutions insured by the Federal Deposit Insurance Corporation or otherwise approved by the NYDFS; various government money market funds backed by direct obligations of the United States government and reverse repurchase agreements on such obligations; and U.S. Treasury bills with maturities of three months or less.
The accounts will be in the name of the company and will be established specifically for the benefit of holders of the stablecoin. What’s more, the reserves are segregated from the company’s own assets.
This is consistent with the fact that Ripple has always maintained that the RLUSD is fully backed by U.S. dollar deposits, government securities and cash equivalents. This framework is designed to ensure liquidity, stability and transparency.
As previously stated, Ripple will continue to publish monthly attestations of RLUSD reserves through independent third-party audits to build confidence.
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