Ripple USD stablecoin (RLUSD) reserve backing has hit a $773.6 million value. This is part of the audit report by Deloitte & Touche LLP, a major global auditing firm. The report signals that RLUSD is making significant progress despite being in the crypto space less than 12 months.

In a post on X, Jack McDonald, CEO of Standard Custody, highlighted the August report as an indication that Ripple was complying with regulations. 

According to McDonald, the RLUSD token is proving to be a reliable and transparent stablecoin. This is unlike some previous projects that soon faded due to a lack of adherence to regulatory guidelines.

He assured readers that the industry remains committed to holding Ripple accountable to lofty standards in terms of compliance. That is, it would not be a momentary thing with the payment system cryptocurrency firm.

Meanwhile, Ripple's stablecoin is gaining traction on crypto exchanges. Recently, RLUSD achieved listing on BybitSpot. The development indicates more liquidity and access for traders in the space. This increased adoption will support Ripple’s vision for RLUSD to compete with industry giants such as USDT and USDC.

As part of growing institutional adoption, BlackRock (BUIDL) and VanEck (VBILL) have started using RLUSD as a stablecoin off ramp and tokenized holders, respectively. In essence, RLUSD serves as a bridge between traditional finance and crypto assets.

Other achievements of Ripple's stablecoin include on the road to mainstream finance with repo trade. This marks the first-ever repo trade for a tokenized money market fund with RLUSD. Notably, this is a significant move as it marks the entry of institutional finance into the sector.

It is worth mentioning that the Ripple stablecoin has taken a foothold in the African market. Ripple has partnered with several notable payment and exchange platforms in the region. These include Chipper Cash, VALR and Yellow Card.

The entry into the African market positions RLUSD as a remittance and payment tool for the teeming diaspora transactions. Many of these users prefer stablecoins due to their speed and low-cost offerings.

Overall, Ripple stablecoin is rapidly gaining traction with users in the crypto space, and doing so while adhering to regulatory guidelines, a development that could contribute to its acceptability by more retail and institutional users.