BPM has published a new report on Ripple USD (RLUSD) reserves. As of the end of 2024, the outstanding supply of RLUSD is 77,208,201 RLUSD, and the market value of the reserves is estimated at $83,214,671. Given that the stablecoin is pegged 1:1 to the US dollar, the coverage ratio is 107.77%. Most of this coverage is provided by US Treasury bills, equivalent to $30,095,603. The next largest asset in reserves is $30,119,460. This is followed by the equivalent of $22,978,696 in cash deposits at US 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; in various government money market funds backed by direct obligations of the U.S. government and repurchase agreements for such obligations; and in U.S. Treasury bills with maturities of three months or less.
The accounts will be in the name of the company and will be created specifically for the benefit of holders of the stablecoin. The reserves are segregated from the company’s own assets. This is consistent with the fact that Ripple has always maintained that RLUSD is fully backed by U.S. dollar deposits, government securities, and cash equivalents. This structure is designed to provide liquidity, stability, and transparency. As previously stated, Ripple will continue to publish monthly confirmations of RLUSD reserves through independent third-party audits to build trust.
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