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Moody’s Ratings has assigned Ripple’s RLUSD stablecoin an A2 long-term deposit rating and a P-1 short-term deposit rating, making both assessments investment grade. The ratings are Moody’s opinion of RLUSD’s ability to meet redemption obligations, based on the quality and value of its reserves, coverage, liquidity, custody, and legal and operational structure. They do not guarantee that RLUSD will always trade at exactly $1, provide deposit insurance, or be accepted by every bank and trading platform.
What ratings did Moody’s give RLUSD?
Moody’s assigned RLUSD an A2 long-term deposit rating and a P-1 short-term deposit rating in an action reported on October 28, 2026. RLUSD is the U.S.-dollar-denominated stablecoin issued by Ripple subsidiary Standard Custody & Trust Company, LLC.
The two grades cover different time horizons. Moody’s long-term scale runs from Aaa to C. Aaa, Aa and A categories represent low to very low credit risk, while Baa is medium-grade. A2 is a subdivision of the A category, so it is investment grade but below Aa and A1. P-1 is Moody’s short-term deposit category for the strongest capacity to repay short-term obligations.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware match| Assessment | Horizon | What it addresses |
|---|---|---|
| A2 | Long term | Creditworthiness for meeting deposit-style redemption obligations over a longer period |
| P-1 | Short term | Capacity to meet near-term redemption obligations |
Why did Moody’s rate RLUSD investment grade?
Moody’s said its analysis examined whether the assets supporting RLUSD can preserve value and remain available when holders seek redemption. The agency also considered the arrangements that protect and mobilize those assets.
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- Reserve quality and market value: Moody’s reviewed the credit quality and market value of the assets backing the tokens.
- Coverage: It assessed how fully reserves cover RLUSD in circulation.
- Liquidity and redemption: The analysis included the ability to convert reserves into cash and fulfill redemption requests.
- Segregation and custody: Moody’s considered whether reserves are separated from operating assets and held with an independent custodian.
- Structural risks: Operational, technological, legal and regulatory factors were part of the rating work.
What backs RLUSD?
Moody’s quoted the reserve statement that the reserve is “predominantly invested in highly liquid, short-duration U.S. government assets and cash.” The reported portfolio consists mostly of U.S. Treasury bills, other short-term U.S. government assets and cash held with The Bank of New York Mellon, which Moody’s rates Aa1.
Standard Custody & Trust Company targets 103% reserve coverage, according to Moody’s. That means the stated target is for reserve value to exceed the number of RLUSD tokens outstanding by 3%, providing a buffer against certain valuation and operating stresses. The figure is a coverage target, not a promise that reserves cannot lose value or that every redemption request will be instantaneous.
Does an A2 rating guarantee that RLUSD stays at $1?
No. A deposit credit rating addresses the issuer’s ability to meet redemption obligations; it is not a guarantee of a constant secondary-market price. RLUSD could trade above or below one dollar on an exchange because of market demand, trading conditions, blockchain congestion, fees or differences between platforms.
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The rating also is not bank-deposit insurance. It does not require every bank, exchange or payment provider to list RLUSD, and it does not remove the possibility of delayed or restricted redemptions under particular contractual, legal or market conditions.
S&P Global distinguishes stablecoin credit ratings from stablecoin stability assessments. Stability assessments use a 1-to-5 framework focused on maintaining a peg, while credit ratings focus on redemption creditworthiness. Those scales should not be treated as interchangeable measures.
How do Ripple’s trust-bank plans affect RLUSD?
The Block reported that Ripple received final approval from the U.S. Office of the Comptroller of the Currency earlier in the week to launch Ripple National Trust Bank. The proposed bank is authorized to manage RLUSD’s segregated reserves, act as collateral trustee for RLUSD holders and provide fiduciary digital-asset custody.
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That bank is a distinct entity from Standard Custody & Trust Company, which remains the RLUSD issuer under the reported New York-supervised structure. The additional federally regulated reserve-management and custody capacity may strengthen the overall arrangement, but the approval does not turn RLUSD into an insured bank deposit.
Moody’s also referenced the GENIUS Act, expected to take effect in January 2027. The law is described as strengthening protections for required reserves and stablecoin holders, including shielding required reserves from an issuer’s bankruptcy estate. Its practical effect will depend on the final operative rules and how the structure is implemented.
How large is RLUSD and where is it used?
RLUSD launched in December 2024. The Block reported a market capitalization of approximately $2.5 billion, attributing that figure and the use-case description to Ripple. Ripple says the token is used mainly in its payment infrastructure and as collateral in Ripple Prime.
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Market capitalization indicates the approximate value of tokens in circulation; it does not measure reserve quality, redemption speed or the credit strength of the issuer. Those are the issues Moody’s addressed in the deposit ratings.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How should you compare RLUSD with USDC or USDT?
A meaningful comparison requires more than placing a letter grade beside another stablecoin’s name. Use the same questions for each issuer and reserve program.
| Comparison point | Questions to ask |
|---|---|
| Rating type and horizon | Is the assessment a long-term or short-term credit rating, or a separate peg-stability score? |
| Reserve assets | What instruments are held, how liquid are they and how sensitive are they to market-value changes? |
| Coverage and liquidity | What coverage level is targeted or reported, and how are redemption requests funded? |
| Redemption terms | Who is eligible to redeem, what timing applies and what fees or limits exist? |
| Custody and segregation | Are reserves segregated, who holds them and what legal claims do holders have? |
| Issuer and regulation | Which legal entity issues the token and which regulators supervise it? |
| Stress focus | Does the published assessment address redemption credit risk, secondary-market volatility or both? |
The available Moody’s action establishes RLUSD’s A2 and P-1 deposit ratings; it does not provide equivalent ratings for USDC or USDT in this announcement, so a complete side-by-side credit ranking would require separate, current disclosures for those tokens.
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What could cause RLUSD’s rating to weaken?
Moody’s said the rating could come under pressure if the credit quality or market value of reserve assets deteriorates, reserve coverage falls, or liquidity and redemption capacity weaken. Changes to custody, legal segregation, technology, operations or regulation could also affect the credit view.
- Monitor reserve reports for changes in asset mix, maturity and custodians.
- Check the issuer’s current redemption terms rather than assuming all platforms offer the same access.
- Distinguish a rating update from a market-price move: a token can trade away from $1 without an immediate change in its credit rating.
- Recheck the rating’s current status because the accessible notice did not state an outlook or next-review date.
What does this announcement mean for RLUSD holders?
The A2/P-1 action gives RLUSD an independent, investment-grade credit opinion centered on redemption capacity. Its strongest supporting points are the reported concentration in short-duration U.S. government assets and cash, custody at BNY Mellon, and a 103% reserve-coverage target. Holders still need to evaluate redemption eligibility, platform liquidity, legal protections and the possibility of price volatility separately from the rating.
Frequently Asked Questions
Is Moody’s A2 the same as an A2 bond rating?
No. The announcement concerns a long-term deposit rating for RLUSD’s redemption obligations, not a rating on a conventional corporate bond. The relevant risk is whether the issuer can honor redemptions under the assessed structure.
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RLUSD is issued by Standard Custody & Trust Company, LLC, a Ripple subsidiary. Ripple National Trust Bank is a separate entity proposed to manage segregated reserves, serve as collateral trustee and provide fiduciary custody.
Can I redeem RLUSD directly with the issuer?
Eligibility, timing and any fees depend on the issuer’s applicable terms and the platform through which you hold the token. A Moody’s rating does not make every exchange or wallet a direct redemption channel.
What happens if RLUSD briefly trades below one dollar?
A secondary-market deviation can reflect trading liquidity or demand and does not automatically mean Moody’s will change the credit rating. The rating focuses on redemption creditworthiness, while peg behavior is assessed separately.
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