Ripple’s dollar-backed stablecoin RLUSD has reached a new milestone, with official transparency data dated September 24 showing reserves of approximately $2.53 billion against a circulating supply of more than $2.4 billion. That means reserves exceed circulating supply by roughly $122.5 million, or about 5%.
According to Ripple, RLUSD reserves are held in segregated accounts and consist of U.S. dollars and other highly liquid cash equivalents. The expansion is part of a rapid growth trajectory: RLUSD only crossed the $2 billion threshold in late August, meaning the circulating supply has increased by more than $400 million in just over a month. The issuer, Standard Custody & Trust Company, is supervised by the New York Department of Financial Services. Ripple also publishes monthly independent CPA attestations covering circulating supply and reserve assets.
Beyond simple payments, RLUSD is increasingly becoming part of Ripple’s institutional-finance strategy. The stablecoin now operates across multiple blockchain environments and is expanding into payments, tokenized assets, and credit markets. Recent developments combining RLUSD, FXRP, and lending infrastructure show how Ripple is building a broader institutional liquidity stack. Distribution is also becoming more multichain: Ethereum recently held roughly $1.38 billion of RLUSD, compared with about $1.03 billion on XRPL, widening Ethereum’s lead after the two networks traded places earlier this year.
