Oh, the Scandal! Is Ripple’s Stablecoin Really as Stable as It Claims? 🤔

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My dearest readers, have you heard the latest gossip? It seems that Ripple, the company known for its blockchain technology, has finally revealed the secrets of its stablecoin, RLUSD! 🤫

According to a recent report from the esteemed BPM, Ripple’s subsidiary, Standard Custody & Trust Company, is the keeper of all things RLUSD, ensuring that every single coin is backed by a hefty sum of American dollars. 💰 The report, as of December 31, 2024, reveals a supply of 77,208,201 RLUSD, with a grand total of $83,214,671 in reserves! A coverage ratio of 107.77%! One might say, quite impressive, don’t you think? 🤔

The bulk of these reserves, a whopping $30,095,603, are tucked away in the safekeeping of U.S. Treasury Bills. A clever move, I’d say, as these bills are as dependable as a well-bred English gentleman. Following closely are $30,119,460 in various accounts at reputable financial institutions in America, $22,978,696 in cash deposits, and a measly $20,912 in accrued interest. One might say, the interest earned is hardly worth mentioning, but I suppose every penny counts! 😜

The report further reveals that the reserves are held in accounts insured by the Federal Deposit Insurance Corporation, ensuring their safety. And, my dear readers, the reserves are kept separate from Ripple’s own assets, ensuring that no shenanigans take place! 🕵️‍♀️

So, it seems that Ripple is sticking to its word, that each RLUSD is backed by the good old American dollar, government securities, and other cash equivalents. A reassuring thought, wouldn’t you say? Perhaps this is the beginning of a new era of stablecoins, free from the volatility of the digital realm! 📈

Of course, Ripple promises to continue its monthly updates, with independent third-party audits to assure us all that everything is above board. But, my dear readers, let us not be too trusting. Remember, the world of finance is as unpredictable as a fickle suitor. Let us wait and see if Ripple lives up to its promises! 🧐

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2025-01-29 17:20