The Big Four accounting and auditing firm Deloitte released an independent report on March 26, verifying that Ripple 's U.S. dollar-denominated stablecoin, RLUSD, is fully backed by reserves.
Ripple Labs is a blockchain and financial services company which launched the RLUSD stablecoin in December 2024.
A stablecoin is a type of cryptocurrency that, unlike traditionally volatile cryptocurrencies like Bitcoin (BTC), tries to keep its value stable by being pegged 1:1 to a "stable" asset like the U.S. dollar.
Related: Explained: What is a stablecoin?
Deloitte confirms RLUSD reserves
Deloitte said it confirmed that as of February 2026, RLUSD maintained reserves exceeding its circulating supply, reinforcing the stability of its 1:1 U.S. dollar peg.
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As of Feb. 19, RLUSD held $1.61 billion in reserves against 1.53 billion tokens in circulation.
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As of Feb. 27, RLUSD held $1.56 billion in reserves against 1.49 billion tokens in circulation.
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Ripple said it conducted the examination in accordance with attestation standards established by the American Institute of Certified Public Accountants (AICPA).
The report also confirmed that RLUSD's reserve structure aligns with New York Department of Financial Services (NYDFS) guidance on dollar-backed stablecoins.
The NYDFS guidance requires stablecoin issuers to restrict eligible backing assets to conservative instruments, such as overnight reverse repurchase agreements, short-duration U.S. Treasuries, approved money-market funds, and insured bank deposits. This ensures liquidity and redemption requirements.
As per Ripple data , RLUSD holds $1.48 billion in reserves against 1.41 billion tokens in circulation as of March 26.
Recently, Tether also announced hiring two Big Four firms, KPMG and PwC, for a complete financial audit. Tether is the issuer of USDT, which is the world's largest stablecoin with a market cap of $184 billion.
Related: Major private gold buyer may need a Big Four audit now more than ever
This story was originally published by TheStreet on Mar 31, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
