Ripple USD (RLUSD) now commands a circulating supply exceeding $2.4 billion, climbing more than 50 percent in the last month alone.
Jack McDonald, senior vice president of stablecoins at Ripple, confirmed on Sept. 30 that RLUSD's average daily activity has more than tripled since the beginning of the year. The stablecoin hit a $2.44 billion supply milestone in September, with approximately $1.37 billion circulating on Ethereum and $1.05 billion on the XRP Ledger.
Ripple's reserve attestation for Aug. 31 showed 2,325,969,308 outstanding RLUSD tokens backed by $2,446,312,864 in assets—$120.3 million above the circulating supply. An independent accountant confirmed the figures on Sept. 29 under examination standards. Ripple's Sept. 24 transparency report reflected $2.409 billion in circulating RLUSD with $2.5315 billion in backing, representing $122.5 million in over-collateralization.
RLUSD is issued by Standard Custody Trust Company, a Ripple subsidiary operating under a New York state trust charter. The New York State Department of Financial Services supervises the entity as a limited-purpose trust company, mandating that holder backing remains entirely separate from company assets.
The stablecoin's over-collateralized reserve model supports the dollar peg across public networks and settlement platforms. Reserve quality directly influences the mechanism's reliability for dollar-denominated invoicing and cross-chain transactions.
