RLUSDStablecoin

Ripple USD

Circulating supply: $1.86B
30D change: +44.2%
Yield: None
NAV: 1.0000
Management fees: 0.00%
Minimum: $0
Redemption: Daily
Launched: 01 Oct 2024

Depends onRipple

Field coverage 92%Primary-source or on-chain verified 100% of tracked metrics1/1 source documents analyst-verifiedLast reconciled 13 Nov 2026

Overview

What this product is

A 1:1 fiat-backed stablecoin issued by Ripple.

Underlying asset: Cash and US Treasuries
Asset class: Stablecoin
Product structure: Payment Stablecoin
Legal structure: US State Trust Charter
Issuer jurisdiction: United States
Fund domicile: United States
Base currency: USD
Launched: 01 Oct 2024

Peer set

Comparable products

Products in the same asset class and currency. Yields are quoted on different bases, so check each one before comparing.


USDT	0.00%	0.00%	$0	$90.67B
USDC	0.00%	0.00%	$0	$61.58B
USDS	0.00%	0.00%	$1	$5.38B
USDe	10.50%	0.00%	$0	$5.27B
DAI	0.00%	0.00%	$0	$4.95B
sUSDS	6.00%	0.00%	$0	$3.39B
PYUSD	0.00%	0.00%	$0	$2.64B

Issuer

Who runs it

RippleSan Francisco

Enterprise blockchain and crypto solutions provider, issuer of RLUSD.

Portfolio

Composition

US Treasuries and Cash100.0%

Weighted average maturity

30 days

Reserves

Attestation

Reserve composition

What actually backs the float, from the most recent independent attestation.

US Treasuries and CashCash & equivalents100.0%

Attestation

Verification history

Attesting firm: BPM
Frequency: monthly
Last attestation: 01 Oct 2024
Reserve WAM: 30 days

An attestation confirms the reserve existed on a reporting date. It is not an audit, and it says nothing about what a holder legally owns if the issuer fails, that question is answered by the legal structure, not the reserve report.

Risk

Reserve profile

Who holds the reserves, and whether the yield they earn reaches you or stays with the issuer.

Held as bank deposits-

Deposits are unsecured claims on a bank; government securities are not. A higher share means more bank credit exposure inside a product marketed as cash.

Backing type: fiat backed
Yield to holders: Retained by the issuer
Peg currency: USD

Par redemption access

Direct par redemption for institutional clients.

On-chain history begins 07 Oct 2026 and covers 38 days of readings.

AUM

$1.86B

Assets under management

+44.2% over 38 days held

Yield

0.00%

Yield history. No yield

No on-chain history recorded for this series yet.

NAV

1.0000

NAV per token (stable $1.00)

This fund maintains a constant NAV of USD 1.00 and distributes yield through token supply rather than price. NAV history is therefore flat by construction; monitor supply and yield instead.

+44.2% over 38 days held

Movement

Recent daily movement

Net movement $568.6MOver 38 daysChange +44.2%


13 Nov 2026	$1.86B	$43.6M	+2.4%
12 Nov 2026	$1.81B	$4.2M	+0.2%
11 Nov 2026	$1.81B	$9.9M	+0.6%
10 Nov 2026	$1.8B	$597.1K	+0.0%
09 Nov 2026	$1.8B	$10M	+0.6%
08 Nov 2026	$1.79B	$217K	+0.0%
07 Nov 2026	$1.79B	$52.4M	+3.0%
06 Nov 2026	$1.73B	$7.9M	+0.5%
05 Nov 2026	$1.73B	$10.8M	+0.6%
04 Nov 2026	$1.72B	$21.6M	+1.3%

Redemption

Terms

Contractual terms

Redemption frequency: Daily
Dealing cut-off: 24/7
Settlement: T+1
Redemption fee: None
Secondary venues: None disclosed
Transfer restrictions: None

These are contractual terms from the offering documents. Observed settlement performance and any discretionary accommodation by the manager are explicitly out of scope.

Assessment

Liquidity profile

Primary redemption

Daily · T+1

Off-hours exit

Available continuously

Secondary market

No secondary venue: primary redemption is the only exit

Transferability

Freely transferable after compliance period

Exit fee

No redemption fee

Relationship graph

Operational dependency network

Every firm and system this product relies on. Select any of them to open its profile.

Every counterparty and system this product depends on to function. Each card links to that entity's own profile: the question worth asking of each is what happens to your position if it stops working.

Open in Ecosystem Graph →

Issuance & legal

Who is legally on the hook for this product.

Issued byRippleSan Franciscoderived Administered byRippleSan Franciscoderived Transfer agent of recordRippleSan Franciscoderived

Custody

Where the backing assets actually sit.

Custodied byRippleSan Franciscoderived

Markets & settlement

Where it trades and how value moves between venues and chains.

Deployed onEthereumpublic l1 · 100% of supplyderived Deployed onXRP Ledgerpublic l1 · 50% of supplyderived

Edges marked derived are inferred from a structured field on this product that carries its own source; they are not independent confirmation of it. Edges without that mark were sourced separately from a disclosure naming both parties.

Deployments

Registry

Networks and contracts

		Contract / asset id
EthereumPrimary	public l1	0x8292Bb45bf…F06317eD	100.0%
XRP Ledger	public l1		50.0%

Counterparties

Service providers

If any of these has a problem, this product is affected.

Custodian: Ripple· San Francisco
Administrator: Ripple· San Francisco
Transfer agent: Ripple· San Francisco
Tokenization platform: Ripple· San Francisco
Oracle / attestation: Not disclosed

Access

Classification

Who may hold this

RetailEligible

AccreditedNot eligible

ProfessionalNot eligible

InstitutionalEligible

Minimum investment: $0
Allow-list required: No
Transfer restrictions: None

Geography

Where it is available

United StatesNot available

European UnionNot available

SingaporeNot available

United KingdomNot available

SwitzerlandNot available

Hong Kong SARNot available

United Arab EmiratesNot available

Explicit prohibitions

Availability is limited to the jurisdictions in the coverage boundary. Absence here means not covered, not necessarily prohibited. This is a classification of the offering documents, not legal advice.

Structure

Legal and regulatory

Legal structure: US State Trust Charter
Product structure: Payment Stablecoin
Fund domicile: United States
Issuer jurisdiction: United States
Transfer agent: Ripple

The domicile of the fund and the jurisdiction of its manager are frequently different. Both are recorded separately because they drive different questions: tax and insolvency follow the domicile, supervision follows the manager.

Source documents

Offering documentation

The documents behind the figures on this page. Anything marked verified has been checked by an analyst.

RLUSD Whitepaperoffering memo · 01 Oct 2024Parsed & verified↗

On-chain activity

Daily value outstanding

Value outstanding as read from the token contracts each day, and the movement between readings. Mints and redemptions are not separable on-chain, so this is the net of both, not gross issuance.

Net movement $568.6MOver 38 daysChange +44.2%


13 Nov 2026	$1.86B	$43.6M	+2.4%
12 Nov 2026	$1.81B	$4.2M	+0.2%
11 Nov 2026	$1.81B	$9.9M	+0.6%
10 Nov 2026	$1.8B	$597.1K	+0.0%
09 Nov 2026	$1.8B	$10M	+0.6%
08 Nov 2026	$1.79B	$217K	+0.0%
07 Nov 2026	$1.79B	$52.4M	+3.0%
06 Nov 2026	$1.73B	$7.9M	+0.5%
05 Nov 2026	$1.73B	$10.8M	+0.6%
04 Nov 2026	$1.72B	$21.6M	+1.3%
03 Nov 2026	$1.69B	-$11.3M	-0.7%
02 Nov 2026	$1.71B	-$4.5M	-0.3%
01 Nov 2026	$1.71B	$0	0.0%
31 Oct 2026	$1.71B	$92.7M	+5.7%
30 Oct 2026	$1.62B	-$8.9M	-0.5%
29 Oct 2026	$1.63B	$29.2M	+1.8%
28 Oct 2026	$1.6B	$24.5M	+1.6%
27 Oct 2026	$1.57B	$49M	+3.2%
26 Oct 2026	$1.52B	$24.3M	+1.6%
25 Oct 2026	$1.5B	-$3M	-0.2%
24 Oct 2026	$1.5B	$39M	+2.7%
23 Oct 2026	$1.46B	$17.6M	+1.2%
22 Oct 2026	$1.45B	$1.9M	+0.1%
21 Oct 2026	$1.44B	-$17.4M	-1.2%
20 Oct 2026	$1.46B	$56.5M	+4.0%
19 Oct 2026	$1.4B	$1.1M	+0.1%
18 Oct 2026	$1.4B	$0	0.0%
17 Oct 2026	$1.4B	$8M	+0.6%
16 Oct 2026	$1.4B	$40.2M	+3.0%
15 Oct 2026	$1.36B	-$10.7M	-0.8%
14 Oct 2026	$1.37B	$53.1M	+4.0%
13 Oct 2026	$1.31B	$8.6M	+0.7%
12 Oct 2026	$1.3B	$0	0.0%
11 Oct 2026	$1.3B	$0	0.0%
10 Oct 2026	$1.3B	-$3.5M	-0.3%
09 Oct 2026	$1.31B	$15M	+1.2%
08 Oct 2026	$1.29B	$6M	+0.5%
07 Oct 2026	$1.29B	-	-

Related intelligence

5 events reference this product

11 Nov 2026Adoption

Ripple's RLUSD Adds $127.4 Million in DEX Volume, Ahead of Ethena's USDe - Cryptonews.net

Ripple's RLUSD generated $127.4 million in decentralized exchange volume, surpassing Ethena's USDe in recent tracking periods.

Surpassing competing synthetic stablecoin volumes on DEXs demonstrates increasing secondary market liquidity and market depth for RLUSD. For institutional allocators, this growing liquidity reduces execution slippage and validates the asset's utility within decentralized liquidity pools.

11 Nov 2026Infrastructure

Ripple Mint Launched in July 2026 With RLUSD API Tools for Institutions - TOKENPOST

Ripple launched Ripple Mint featuring institutional API tools designed to support the issuance and management of its RLUSD stablecoin.

The deployment of dedicated institutional minting and API tooling directly lowers the technical friction for enterprise onboarding into RLUSD. This infrastructure upgrade positions Ripple to capture institutional settlement volume currently dominated by legacy stablecoin issuers.

08 Nov 2026Infrastructure

Ripple Sets 2027 Overhaul for XRP Ledger, Shifting Focus From TPS to Bank-Scale Settlement - BigGo Finance

Ripple announces a strategic roadmap overhaul for the XRP Ledger targeting bank-scale settlement capabilities by 2027.

Pivoting the XRP Ledger architecture toward institutional-grade bank settlement directly impacts the deployment viability of tokenized deposits and RLUSD. This structural upgrade signals an attempt to capture enterprise payment flows currently reliant on traditional messaging rails, altering the competitive landscape for institutional liquidity settlement.

07 Nov 2026Infrastructure

Ripple Launches Mint Platform To Boost Institutional RLUSD Access - CoinMarketCap

Ripple has launched a new mint platform aimed at expanding direct institutional issuance and access channels for its RLUSD stablecoin.

The introduction of a dedicated mint platform directly targets institutional friction points by streamlining onboarding and creation workflows. This infrastructure upgrade is designed to accelerate circulating supply growth and deepen liquidity pools across multi-chain deployment environments.

06 Nov 2026Adoption

Ripple’s $2.6 Billion Stablecoin is Growing on Ethereum, Not XRP - BeInCrypto

Analysis reveals that Ripple's RLUSD stablecoin growth is primarily concentrated on Ethereum rather than the XRP Ledger.

Concentrated adoption on Ethereum highlights that institutional stablecoin issuers must prioritize network effects and deep DeFi composability over native chain loyalty. This structural dynamic forces issuers to allocate resources toward cross-chain bridges and multi-chain liquidity management rather than relying solely on proprietary ledgers.