# Independent check of RLUSD reserves and on-chain supply (Aug 2025 – Aug 2026)

**URL:** <https://governance.aave.com/t/independent-check-of-rlusd-reserves-and-on-chain-supply-aug-2025-aug-2026/25844>\
**Category:** Risk\
**Created:** [October 14, 2026, 11:33am UTC](https://governance.aave.com/t/independent-check-of-rlusd-reserves-and-on-chain-supply-aug-2025-aug-2026/25844 "2026-10-14T11:33:12Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![Jihee](https://avatars.discourse-cdn.com/v4/letter/j/c37758/32.png) [@Jihee](https://governance.aave.com/u/Jihee)\
**Post date:** [October 14, 2026, 11:33am UTC](https://governance.aave.com/t/independent-check-of-rlusd-reserves-and-on-chain-supply-aug-2025-aug-2026/25844/1 "2026-10-14T11:33:12Z")

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Hi all,

RLUSD is a borrowable asset on Aave Core and on Horizon. On Horizon, about $159M is supplied and about $92M is borrowed (Aavescan, 14 Oct 2026). Given that size, I wanted to share an independent check of its reserves and supply, in case it is useful for risk discussions.

Disclosure: I’m the founder of Unveil. We check the assets behind tokenized collateral using public sources only. We have no relationship with Ripple, and nobody paid for this.

**What we checked**

1. Reserves vs tokens outstanding, from Ripple’s 13 monthly reserve reports (26 report dates, Aug 2025 – Aug 2026).
2. Tokens counted on Ethereum (totalSupply) and the XRP Ledger (issuer obligations) at each report’s 5:00pm ET cut-off, vs the supply stated in the report. Checked on 3 dates.
3. The reserve breakdown in the Aug 2026 report, line by line.

**Results**

- Reserves exceeded tokens outstanding on all 26 dates. Coverage ranged from 103.6% to 107.6%. On 31 Aug 2026 it was 105.2% (about $120M above supply).
- On-chain supply on Ethereum + XRP Ledger matched the reported supply within 0.002% on all 3 dates (remainders of 673, 20,653 and 832 tokens). The remainder is most likely on the other chains the reports count (Base, Optimism, Unichain, Ink, XRPL EVM), which we have not added yet.
- Reserve breakdown on 31 Aug 2026: US Treasury bills $1.557B (63.6%), government money market funds $468M (19.1%), bank deposits $422M (17.2%). The 26 T-bill lines add up exactly to the subtotal, and the three parts add up exactly to the $2,446,312,864 total. Bills that matured before the report date show zero. The same holds for 17 Aug.
- Supply rose 32% in the two weeks to 31 Aug 2026 (1.76B to 2.33B). Coverage stayed above 105%.

**Limits**

- The report does not name the government money market funds, so we could not check them against their own SEC filings.
- This is not an audit. We did not see custodian statements. It also does not address the upgrade-control and liquidity points raised in the earlier RLUSD collateral thread.

Every figure has a source and a SHA-256 fingerprint of the original file. Happy to share the full table, or to rerun this when the September report is out.

Question for the community and risk providers: would a monthly check like this be useful for stablecoins and tokenized funds that Aave lists? If so, which assets matter most?

Thanks,  
Jihee Shin  
Unveil