Key facts
- Moody's assigned A2 long-term and P-1 short-term deposit ratings to Ripple USD (RLUSD).
- RLUSD reserves are held mainly in Treasury bills, other short-term U.S. government assets and cash.
- Eligible institutional holders can redeem RLUSD at par within two business days.
- Standard Custody is not a bankruptcy-remote entity, and RLUSD holders do not have direct ownership interest in reserves.
- Ripple National Trust Bank received final approval from the Office of the Comptroller of the Currency.
- RLUSD has a market capitalization of about $2.6 billion.
Moody's Ratings has assigned an A2 long-term deposit rating and a P-1 short-term deposit rating to Ripple USD (RLUSD), the dollar-backed stablecoin issued by Ripple subsidiary Standard Custody & Trust Company. The agency cited the quality of RLUSD's reserves, held mainly in Treasury bills, other short-term U.S. government assets and cash, with a target of 103% coverage of tokens in circulation. Eligible institutional holders can redeem RLUSD at par within two business days. Moody's also noted that Standard Custody is not a bankruptcy-remote entity and RLUSD holders do not currently have a direct ownership interest in the reserves. The rating follows final approval from the Office of the Comptroller of the Currency for Ripple National Trust Bank, which will manage RLUSD's reserves. Launched in December 2024, RLUSD has a market capitalization of about $2.6 billion.