Moody's Ratings has assigned an A2 long-term and P-1 short-term deposit rating to the RLUSD stablecoin. The asset is issued by Standard Custody & Trust Company, a subsidiary of Ripple. The agency noted that the ratings are based on the quality of reserves, which consist primarily of U.S. Treasury bills, cash, and other short-term government assets held at BNY.
The rating follows the approval from the Office of the Comptroller of the Currency for the Ripple National Trust Bank. This institution will manage the reserves and serve as a collateral trustee. RLUSD remains under the supervision of the New York Department of Financial Services. The stablecoin, launched in December 2024 on Ethereum and the XRP Ledger, currently holds a market capitalization of $2.6 billion.
Moody's highlighted that Standard Custody is not a bankruptcy-remote entity, and holders lack direct ownership of reserves. However, the agency pointed to the GENIUS Act, set for 2027, which will exclude reserves from bankruptcy estates. Ripple targets institutional clients, recently partnering with Standard Chartered, LMAX Group, Mastercard, WebBank, and Gemini to integrate the token into financial services.
