FROM BANK ACCOUNT TO BLOCKCHAIN

The journey behind RLUSD.

Step through issuance, everyday use and redemption. Follow who holds the dollars, and who holds the tokens.

Follow one dollar A LITTLE MORE CONTEXT
Lifecycle illustration
A simplified sequence, not a live transaction or an exact timing model. Reserve management and compliance checks can involve multiple systems. Retail trading and direct issuer redemption are different routes.

Step 1 of 6

InstitutionOnboarded customer

IssuerRipple subsidiaries

ReservesSegregated assets

Provider / walletExchange or institution

End userPerson or business

01 / THE PROCESS

An institution deposits dollars

An onboarded institution sends USD to the issuer’s transaction account. Direct access requires institutional checks.

Illustration only. Click through at your own pace; movement respects reduced-motion preferences.

What sits in the reserve? A LITTLE MORE CONTEXT
Reserve instruments
These are permitted categories, not a claim about today’s exact asset allocation. A Treasury bill is short-term government debt; a reverse repo is a collateralised transaction. Read the dated reserve reports for the actual holdings.

Deposits

USD held with eligible banks.

Treasury bills

Remaining maturity of three months or less.

Government money market funds

Funds investing in permitted government instruments.

Overnight reverse repos

Transactions secured by Treasury bills or notes.

“Treasury notes” here describes repo collateral, not a claim that the reserve is a portfolio of long-term bonds. Tokens do not give holders direct ownership of particular reserve securities.

Source checked 16 September 2026: Ripple’s RLUSD documentation. Review dated reserve reports for the actual backing. Financial disclaimer.