Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply
0.8% of USD stablecoin supply · 9th of 70 USD stablecoins with supply
Peg today
above $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
11th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
14th of 43 USD stablecoins scanned on Ethereum
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Morpho Blue · 2.97% base, 2.94% rewards
RLUSD is a USD stablecoin issued by Ripple, launched on 17 Dec 2024.
RLUSD is issued through a limited purpose trust chartered by the New York State Department of Financial Services. In December 2025 the Office of the Comptroller of the Currency granted Ripple conditional approval to establish Ripple National Trust Bank. Ripple says that with the trust bank managing RLUSD reserves, its stablecoin business will sit under both NYDFS and OCC oversight. Ripple has integrated RLUSD into Ripple Payments, its licensed payments product, in certain jurisdictions.
Ripple USD (RLUSD) is a US dollar stablecoin issued by Standard Custody & Trust Company, LLC, a Ripple subsidiary. Ripple's developer documentation states that SCTC and other regulated Ripple subsidiaries issue and distribute RLUSD.
Where it is issued
The token is natively issued on the XRP Ledger and on Ethereum. Ripple's token address page lists the XRPL issuing account rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De and the Ethereum proxy contract 0x8292bb45bf1ee4d140127049757c2e0ff06317ed. The same page lists a second proxy, 0x8d58c0c60b8d6b88fa98b291a646db34d0f98258, used on Base, Ink, Optimism, Unichain and the XRPL EVM sidechain.
Size and backing
Ripple states the token is backed one to one by cash deposits, US Treasuries and cash equivalents.
Sources: Ripple developer docs, RLUSD overview, Ripple developer docs, RLUSD token addresses, Ripple stablecoin product page, Ripple press release, federal approval to establish a national trust bank (12 Dec 2025)
2.4B RLUSD in circulation across 6 chains; Ethereum carries 70.1%. That is 0.8% of the USD stablecoin supply on the map, 9th largest of 70.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 64 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across RLUSD’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
2.4B RLUSD
0.8% of all USD stablecoin supply, #9 of 70
Ethereum 70.1% · other chains 29.9%
Ethereum1.7B RLUSD · 70.1%
XRPL711.8M RLUSD · 29.2%
Base16.1M RLUSD · 0.7%
Optimism143 RLUSD · <0.1%
Ink139 RLUSD · <0.1%
Unichain136 RLUSD · <0.1%Supply growth
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders. The median column compares stablecoins counted on the same chain. A few of them are read from DIA’s replay state, which leaves contracts in, so a median can mix two rules.
Source: Blockscout.
13,137holders on Ethereum
14th of 43 USD stablecoins on Ethereum
| RLUSD | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 27.8% | 16.5% |
| Top 10 | 71.6% | 53.3% |
| Top 50 | 88.1% | 57.0% |
| Top 100 | 90.2% | 74.7% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
RLUSD's typical daily move over the last 90 days was 1.8 bps, steadier than 59 of 66 other USD stablecoins.
By default RLUSD sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much RLUSD's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
1.8 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, RLUSD's daily swings around $1 were smaller than those of 59 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 RLUSD | +2 bps (+0.02%) | 2.5 bps | 1.8 bps | +33 bps (+0.33%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
$564.4M of RLUSD is supplied to 13 lending markets on 5 protocols, 23.2% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much RLUSD is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed RLUSD again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000 of RLUSD, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for RLUSD.
Both figures are averages across markets, weighted by how much RLUSD each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 100% of the balance report an APY.
Ranks and the median compare RLUSD with the 41 USD stablecoins that have a published lending balance on this map, each measured the same way. Coins with no balance in a market DIA reads are not in the median.
$564.4M23.2% of supply
supplied to 13 lending markets on 5 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
80%
Borrowed
share of supplied RLUSD now on loan
3.04%
Average supply APY
weighted by RLUSD balance in each market
By protocol
70%$397.1MEthereumRLUSD / kBTC$244.3M3.42%89%EthereumRLUSD / weETH$78.2M3.95%87%EthereumRLUSD / USDe$35.2M3.74%90%EthereumRLUSD / WBTC$26.5M2.16%85%EthereumRLUSD / FXRP$9.4M7.07%90%EthereumRLUSD / cbBTC$3.4M5.10%89%EthereumRLUSD / syrupUSDC$234K3.42%79%EthereumRLUSD / wstETHNo withdrawable balance$4K30.49%100%24%$134.1MEthereumRLUSD$134.1M1.65%57%5%$30.0MEthereumRLUSD$30.0M2.29%62%1%$2.8MEthereumRLUSD$2.8M3.08%77%<1%$337KEthereumRLUSD$179K4.89%91%EthereumRLUSD$158K3.18%73%RLUSD in lending markets, by chain, largest first. The bar is each chain's share of RLUSD's lending balance.
Ethereumin 13 lending markets100%$564.4MAmong 41 USD stablecoins in lending markets
Top 5 RLUSD pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
0.10% | 0.10% | OrganicStable | Ethereum | +0.00% | $500.0M | Lending | ||
5.91% | 5.91% | MixedStable | Ethereum | +2.94% | $410.3M | Lending | ||
5.59% | 5.07% | MixedStable | Ethereum | +3.95% | $134.1M | Lending | ||
0.11% | 0.11% | LP fees · IL riskStable | Ethereum | +0.00% | $50.0M | LP | ||
4.82% | 4.58% | IncentiveStable | Ethereum | +4.67% | $33.3M | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
RLUSD in pool is RLUSD's own side of the pool, at its USD price. Pool liquidity counts both sides.
$20.9M of RLUSD sits in 4 DEX pools across 2 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼RLUSD in pool | 24h volume |
|---|---|---|---|---|---|
| RLUSD / USDC | Ethereum | $33.3M | $15.9M | $1.3M | |
| RLUSD / FXRP | Ethereum | $3.0M | $3.0M | $0 | |
| USDC / RLUSD | Base | $2.0M | $998.7K | $10 | |
| RLUSD / USDC | Ethereum | $2.2M | $984.8K | $1.1M |
RLUSD is designed to be backed by cash and money-market assets.
The monthly attestations
Ripple publishes a transparency page with monthly attestation PDFs. The page says reports are made available within 30 days after month end, and it links individual monthly files running from December 2024 through August 2026.
The page states the attestations are performed by an independent Certified Public Accountant licensed in the United States, appointed under the NYDFS guidance on US dollar-backed stablecoins dated 8 June 2022. It states the attestations follow the attestation standards of the American Institute of Certified Public Accountants. Ripple's developer documentation names Deloitte as the accounting firm producing the monthly reserve reports.
The figures and the custodian
The transparency page reported $2,409.0M of RLUSD in circulation against $2,531.5M of reserve funds as of 24 September 2026. Ripple's documentation describes the eligible reserve assets as US Treasury bills of three months maturity or less, government money market funds, overnight reverse repurchase agreements and deposits at US banks. Ripple names The Bank of New York Mellon as primary reserve custodian as of July 2025.
An AICPA attestation is a point-in-time report on management's assertions, and it is not a financial statement audit of the issuer. The monthly attestation reports break the reserve down by asset class and list each Treasury bill by CUSIP and maturity date.
Sources: Ripple RLUSD transparency and attestation reports, Ripple developer docs, RLUSD overview, Ripple stablecoin product page, RLUSD Reserve Report, August 2026 (Deloitte & Touche LLP)
Ethereum0x8d58c0c6…d0f98258pauseAccounts(address[]), unpauseAccount(address) +1clawback(address,uint256)paused()mint(address,uint256)eip1967-uups0x8292bb45…f06317edpauseAccounts(address[]), unpauseAccount(address) +1clawback(address,uint256)paused()mint(address,uint256)eip1967-uups0x8d58c0c6…d0f98258pauseAccounts(address[]), unpauseAccount(address) +1clawback(address,uint256)paused()mint(address,uint256)eip1967-uups0x8d58c0c6…d0f98258pauseAccounts(address[]), unpauseAccount(address) +1clawback(address,uint256)paused()mint(address,uint256)eip1967-uups0x8d58c0c6…d0f98258pauseAccounts(address[]), unpauseAccount(address) +1clawback(address,uint256)paused()mint(address,uint256)eip1967-uupsContract controls are not read on XRPL yet.
Read from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can freeze · wipe · pause · mint · upgrade (proxy)
Independent reserve attestations are published monthly.
The New York State Department of Financial Services granted Standard Custody & Trust Company, LLC a trust company charter on 4 May 2021 under New York Banking Law, authorising it to operate as a limited liability trust company and to provide digital asset custody and related services to New York customers.
Ripple states that RLUSD is issued through a limited purpose trust chartered by NYDFS, and that the token has approval from NYDFS and from the Dubai Financial Services Authority. Ripple also states that availability of RLUSD depends on jurisdiction.
Sources: NYDFS press release, trust charter granted to Standard Custody & Trust Company, Ripple stablecoin solutions page, Ripple stablecoin product page
Reserve attestation
Attested by Deloitte & Touche LLP · last report 31 Aug 2026
Recognised regimelicence tier of Ripple
One primary reserve custodian
Ripple names one primary reserve custodian, BNY Mellon, and describes segregated accounts at depository institutions and securities custodians.
Disclosure is monthly
Ripple's transparency page allows up to 30 days after month end for a report.
The attestation is not an audit
An AICPA attestation covers management's assertions at a date. It is not an audit of Standard Custody & Trust Company, and Ripple's pages do not publish audited financial statements for the issuing entity.
Issuance is multi-chain with different contracts
Ripple lists one Ethereum proxy and a separate shared proxy across Base, Ink, Optimism, Unichain and the XRPL EVM sidechain, alongside the XRPL issuing account. Supply on any one venue is only part of the total, and a reader summing a single chain will understate circulation.
Direct redemption is institutional
Ripple states availability depends on jurisdiction and routes purchase through exchanges and payment providers. Only onboarded institutional customers mint and redeem directly; other holders onboard or transact in secondary markets.
Sources: Ripple stablecoin product page, Ripple RLUSD transparency and attestation reports, Ripple developer docs, RLUSD token addresses, Ripple USD white paper
Standard Custody & Trust Company, LLC, a Ripple subsidiary, issues RLUSD. NYDFS granted the company a New York trust company charter on 4 May 2021.
Ripple states RLUSD is backed one to one by cash deposits, US Treasury bills of three months or less, government money market funds, overnight reverse repos and US bank deposits.
Ripple publishes monthly attestation reports by an independent US-licensed CPA under AICPA attestation standards, and its docs name Deloitte. An attestation is not a financial statement audit of the issuer.
RLUSD is natively issued on the XRP Ledger and Ethereum. Ripple also lists deployments on Base, Ink, Optimism, Unichain and the XRPL EVM sidechain.
48 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026), Ethereum Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -60 bps to +40 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 2 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
RLUSDSource: DeFiLlama and CoinGecko prices Updated