Moody's Rates Ripple's $2.6B RLUSD Stablecoin A2, a Day After OCC Bank Approval
Summary
Moody’s assigned Ripple’s RLUSD stablecoin an A2 long-term deposit rating and its top P-1 short-term rating, citing reserves held mainly in U.S. government assets and cash, largely with BNY. Eligible institutional holders can redeem at par within two business days. Moody’s cautioned that the issuer is not bankruptcy-remote and holders lack direct ownership of reserves. The rating follows final OCC approval for a Ripple national trust bank that will manage RLUSD reserves, while Standard Custody will continue issuing the token under New York oversight. Launched in December 2024, RLUSD has a market capitalization of about $2.6 billion, a small share of the roughly $300 billion stablecoin market.
