The post Ripple Stable Coin 107% Backed by US Treasury Bills, Cash Deposit, December Report Shows appeared on BitcoinEthereumNews.com.

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. RLUSD’s Secured Reserve The recently released audit report reveals details of RLUSD’s 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 firm’s report on the RLUSD stablecoin’s reserve on December 20 and 31, 2024. BPM examined and confirmed Ripple USD’s reserve and distribution on those dates. The audited report disclosed RLUSD’s outstanding supply and the market value of reserves on both dates. Specifically, on December 20, the stablecoin’s supply stood at $72,300,301, while the reserve value amounted to $78,212,154. Meanwhile, on December 31, RLUSD’s 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 stablecoin’s 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. RLUSD Reserve RLUSD Stabilizes Amid Initial Fluctuation Meanwhile, the stablecoin’s market price has stabilized around the $1 valuation as correlation with the US dollar and supply continues to grow. This comes after initial price fluctuations in its early days. For context, RLUSD’s valuation reached $1,200 at some point before launch as market users scrambled to acquire the stablecoin.…

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Filed under: News - @ January 29, 2025 7:19 pm