Aave forum weighs RLUSD reserve check as Horizon exposure reaches $159M

On Horizon, about $159 million of RLUSD was supplied and roughly $92 million borrowed as of October 14, 2026 — a utilization rate of approximately 57.9%. The reserve question behind RLUSD is now being debated in the Aave governance forum accordingly.

Jihee Shin, founder of Unveil, posted the review. “Given that size, I wanted to share an independent check of its reserves and supply, in case it is useful for risk discussions,” she wrote on the Aave governance forum. The review covered 26 report dates spanning August 2025 through August 2026 and found reserves above tokens outstanding on every one of them, with coverage ranging from 103.6% to 107.6%.

August 31, 2026 is the most recent date in the review. Reserves on that date totaled $2,446,312,864: $1.557 billion in U.S. Treasury bills, $468 million in government money market funds, and $422 million in bank deposits. That puts Treasury bills at about 63.6% of the reserve pool, money market funds at 19.1%, and bank deposits at 17.2%. Coverage on that same date came to 105.2%, or roughly $120 million above reported token supply.

The supply itself had moved sharply in the two weeks prior, rising 32% from 1.76 billion RLUSD to 2.33 billion RLUSD by August 31.

Unveil also ran on-chain supply checks against Ethereum and XRP$1.36▼0.38% Ledger balances on three dates. The two figures matched reported supply within 0.002% each time, per the forum post.

A separate Aave governance item has addressed higher supply caps and stablecoin interest-rate adjustments — though the forum post doesn’t establish that the two matters are formally connected.

The review is not an audit. “This is not an audit. We did not see custodian statements,” Shin wrote. She also disclosed that Unveil checks assets behind tokenized collateral using public sources, holds no relationship with Ripple, and received no payment for the work.

One gap remains in the public record: the specific government money market funds were not named in the reports Unveil reviewed.