Moody's Ratings assigned Ripple's RLUSD stablecoin an A2 long-term and P-1 short-term deposit rating on October 28, 2026, making it the first stablecoin to receive investment-grade ratings. RLUSD has a $2.5 billion market cap and is issued on XRP Ledger and Ethereum. Ripple received Office of the Comptroller of the Currency approval to establish a national trust bank to manage RLUSD reserves, with Bank of New York Mellon serving as primary custodian.
Moody's A2 rating assignment
- ▪Moody's assigned Ripple's RLUSD stablecoin a P-1 short-term rating, the highest possible short-term rating under Moody's new stablecoin framework
- ▪Moody's assessment of RLUSD covers the stablecoin issued on XRP Ledger and Ethereum
- ▪RLUSD is the first stablecoin to have ever received an investment-grade rating
- ▪Moody's assigned Ripple's RLUSD stablecoin an A2 long-term deposit rating on October 28, 2026
Ripple trust bank approval
- ▪Ripple's RLUSD stablecoin will be issued by Standard Custody & Trust Company, Ripple's New York-regulated subsidiary
- ▪Ripple outlined the OCC-approved activities for Ripple National Trust Bank on October 26, 2026
- ▪Ripple said Bank of New York Mellon remains RLUSD's primary reserve custodian
- ▪Ripple received final approval to establish a national trust bank under the Office of the Comptroller of the Currency
XRP network fee requirements
- ▪Every transaction on XRP Ledger requires XRP to pay network fees
- ▪Accounts on XRP Ledger need XRP to satisfy the ledger's reserve requirements
- ▪RLUSD transfers on Ethereum do not require XRP for gas
- ▪XRP operates as the XRP Ledger's native asset
Cross-currency bridge transactions
- ▪Institutions could use XRP as a bridge asset when converting between currencies, rather than routing every transaction through dollar stablecoins or traditional intermediaries
- ▪Ripple's RLUSD stablecoin can settle directly without requiring an institution to purchase XRP for the entire payment value
RLUSD institutional settlement growth
- ▪Moody's A2 long-term rating gives RLUSD a formal credit assessment that institutional risk teams can incorporate into their evaluations
- ▪Ripple's RLUSD stablecoin has a market cap of $2.5 billion
Binance BUSD-BNB comparison
- ▪BNB has a token-burning mechanism that reduces supply over time
- ▪BNB provides utility through network fees and trading-fee discounts in Binance's ecosystem
- ▪BUSD offered dollar-denominated liquidity in Binance's historical ecosystem
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