At the end of March 2026, the dollar-pegged stablecoin Ripple had 1.41 billion tokens in circulation, backed by approximately $1.57 billion in reserves, a surplus that indicates the stablecoin is holding more cash than it owes.
Deloitte steps in to verify the numbers
More validation came a few weeks earlier. February 27 Deloitte — one of the largest accounting firms in the world — confirmed this RLUSD it had reserves worth $1.568 billion against 1.49 billion tokens.
The Big Four firm also reviewed an earlier snapshot from February 19, when supply stood at 1.54 billion tokens and was backed by $1.60 billion in reserves. Both numbers showed the same pattern: more money in reserve than remaining tokens.
The certificate was not complete control. This was a point-in-time check, confirming that the reported figures corresponded to the reserve assets at these two specific dates. Still, the signing with Deloitte is significant, especially for a stablecoin that is still building its history.
What regulators require
RLUSD operates under a license issued by the New York State Department of Financial Services, which sets strict rules on how reserve assets are held. Issuers must keep funds in separate accounts and limit their investments to low-risk instruments.
Eligible options include short-term U.S. Treasury bonds, 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 considered one of the more stringent regulatory regimes for stablecoins in the US. Meeting this standard – and having it verified by a third party – gives institutional users a clearer picture of what constitutes security for the tokens they hold.
Ripple is following a trend that is already in motion
Ripple is not alone in going down this path. Earlier this year, Tether selected KPMG to examine its existing reserves USDTits own token pegged to the dollar, as part of its expansion to the American market.
The data shows that all stablecoin issuers are moving towards third-party verification, driven in part by increasing regulatory pressure and in part by competition for trust among gigantic financial institutions.
RLUSD remains much smaller than USDT or USDC by market size. However, consistent excess reserves and a spotless regulatory history are exactly the kind of credentials that typically attract banks and payment companies looking for a stablecoin they can rely on. The numbers are confirmed – now Ripple needs the market to take notice.
Featured image from Meta, chart from TradingView
