Ripple’s stablecoin RLUSD has achieved a critical milestone as its latest independent attestation confirms full reserve backing in line with New York Department of Financial Services (DFS) requirements. This development strengthens institutional confidence and paves the way for broader adoption across both cryptocurrency and traditional finance.
Jack McDonald Highlights Audit Results
On January 28, Ripple’s Senior Vice President of Stablecoins and CEO of Standard Custody & Trust Co., Jack McDonald, shared on X that the December RLUSD monthly independent attestation is now live. He underscored the importance of independent verification for building trust. The examination was conducted by accounting firm Bpm and assessed compliance with the DFS industry letter issued on June 8, 2022, which sets requirements for reserve composition, asset segregation, redemption rights, and mandates that the market value of reserves must equal or exceed the face value of outstanding stablecoins.
In the Independent Accountants’ Report, Bpm stated: “We have examined management of Standard Custody & Trust Company, LLC’s assertion included in the accompanying RLUSD Reserves Report that the Company complied with item 3(a) of the New York State Department of Financial Services industry letter dated June 8, 2022.” The firm noted its examination was conducted in accordance with attestation standards established by the AICPA, adding that it does not provide a legal determination on compliance.
Audit Conclusion: Full Compliance and Reserve Adequacy
The audit delivered a favorable conclusion. Bpm’s opinion reads: “In our opinion, management’s assertion that the Company complied with the requirements of item 3(a) of the DFS Letter as of the report dates is fairly stated, in all material respects.” The report also confirmed reserve adequacy: “The market value of the reserves was, as of the report dates, equal to or greater than the nominal value of all RLUSD outstanding.” Reserves consist of U.S. dollar–denominated assets, including insured bank deposits, government money-market funds, and short-term U.S. Treasury bills, segregated for the benefit of RLUSD holders.
Independent attestations by established accounting firms are increasingly viewed as essential infrastructure for stablecoins seeking institutional trust. As RLUSD expands across exchanges, decentralized finance protocols, and traditional trading venues, verified reserve reporting remains a core signal of transparency, regulatory alignment, and long-term viability.