The latest figures on Ripple’s official RLUSD transparency page are dated Sept. 24 and imply reserves exceed circulating supply by roughly $122.5 million, or about 5%. Ripple says RLUSD reserves are held in segregated accounts and consist of U.S. dollars and other highly liquid cash equivalents.
The milestone extends a rapid expansion that took RLUSD above $2 billion only in August and is increasingly turning the stablecoin into a substantial part of Ripple’s institutional-finance strategy.
RLUSD Added More Than $400M Since Crossing $2B
RLUSD crossed the $2 billion threshold in late August, meaning circulating supply has expanded by more than $400 million in little over a month.
That earlier $2 billion RLUSD milestone already placed the stablecoin among the faster-growing regulated dollar tokens.
Standard Custody & Trust Company, RLUSD’s issuer, is supervised by the New York Department of Financial Services. Ripple also publishes monthly independent CPA attestations covering circulating supply and reserve assets.
RLUSD Is Expanding Beyond Simple Payments
The bigger story is what Ripple is building around that supply.
RLUSD now operates across multiple blockchain environments, while its role is expanding into payments, tokenized assets and credit markets. Recent developments combining RLUSD, FXRP and lending infrastructure show how the stablecoin is becoming part of a broader institutional liquidity stack rather than remaining only a payment token.
Its distribution is also increasingly multichain. Ethereum recently held roughly $1.38 billion of RLUSD compared with about $1.03 billion on XRPL, widening its lead after the two networks repeatedly traded places earlier this year. The shift in RLUSD supply between Ethereum and XRPL illustrates how Ripple is building liquidity across ecosystems rather than concentrating issuance on one network.
