Ripple Stable Coin 107% Backed by US Treasury Bills, Cash Deposit, December Report Shows
Reserve reports for the Ripple USD (RLUSD) for December show secured financial instruments like US debt and cash deposits fully back the stablecoin.RLUSD maintains its peg with the US dollar through a 1:1 reserve backing as a centralized, fiat-collateralized stablecoin. A recent report shows that the RLUSD stablecoin is 107% backed by US Treasury bills and cash equivalents.RLUSDs Secured ReserveThe recently released audit report reveals details of RLUSDs reserve. Notably, prominent public accounting firm BPM conducted the audit on Standard Custody and Trust Company, a subsidiary of Ripple Labs and issuer of the stablecoin.According to the report, the accounting firm audited the firms report on the RLUSD stablecoins reserve on December 20 and 31, 2024. BPM examined and confirmed Ripple USDs reserve and distribution on those dates.The audited report disclosed RLUSDs outstanding supply and the market value of reserves on both dates. Specifically, on December 20, the stablecoins supply stood at $72,300,301, while the reserve value amounted to $78,212,154.Meanwhile, on December 31, RLUSDs had a supply of $77,208,201. In addition, reserve increased to $83,214,671, representing 107% of the outstanding supply. A detailed breakout shows that the stablecoins excessively backed reserve is invested in secured US-based financial instruments.As of December 31, the Ripple USD reserve consists of US Treasury bills, government money market funds, and cash deposits held by US-regulated financial institutions. In that order, the stablecoin issuer committed $30,095,603, $30,119,460, and $22,978,696 into the instruments.
Text source: The Crypto Basic
