Ripple’s senior vice president of stablecoins, Jack McDonald, who is also CEO of Standard Custody & Trust Co., shared on social media platform X on Jan. 28 a bullish update on Ripple’s stablecoin RLUSD, highlighting growing adoption, expanding market access, and rising institutional engagement.

“The December RLUSD monthly independent attestation is now live!” he wrote. McDonald posted the update to underscore confidence in RLUSD’s momentum and to draw attention to the independent verification that underpins that outlook. The examination was conducted by accounting firm Bpm and assessed compliance with the New York Department of Financial Services (DFS) industry letter titled “Guidance on the Issuance of U.S. Dollar-Backed Stablecoins,” dated June 8, 2022. That guidance sets requirements for reserve composition, asset segregation, redemption rights, and mandates that the market value of reserves equal or exceed the value of stablecoins outstanding.

In the Independent Accountants’ Report, Bpm wrote:

“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 described its methodology by explaining: “Our examination was conducted in accordance with attestation standards established by the AICPA,” and clarified its scope by adding: “Our examination does not provide a legal determination on the company’s compliance with specified requirements.”

Read more: Ripple Treasury Launches as XRP and RLUSD Step Into Real Institutional Utility at Scale

The audit delivers a favorable conclusion that supports the optimistic tone of McDonald’s post. Bpm’s opinion states: “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 confirms reserve adequacy, noting:

“The market value of the reserves was, as of the report dates, equal to or greater than the nominal value of all RLUSD outstanding.”

It further outlines that 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.

• What did the latest RLUSD audit confirm?
  The audit confirmed RLUSD reserves fully meet New York Department of Financial Services requirements.
• Who conducted the independent RLUSD attestation?
  Accounting firm Bpm performed the independent examination of RLUSD reserves.
• What assets back RLUSD reserves?
  RLUSD is backed by U.S. dollar–denominated assets, including bank deposits, money-market funds, and Treasury bills.
• Why is RLUSD gaining institutional attention?
  Verified reserve reporting and regulatory alignment are driving institutional trust and adoption.

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