Ripple’s RLUSD Wins Moody’s Rating as XRP Faces a Bigger Question: Who Captures the Value?

Moody’s assigned Ripple’s dollar-pegged RLUSD stablecoin an A2 long-term deposit rating and a P-1 short-term rating, its highest short-term grade under the agency’s stablecoin framework, covering RLUSD issued on the XRP Ledger and Ethereum. The rating came as Ripple received final approval from the Office of the Comptroller of the Currency to establish a national trust bank. Ripple said the bank will manage RLUSD reserves and provide institutional custody, while Bank of New York Mellon remains the stablecoin’s primary reserve custodian. RLUSD is issued by Standard Custody & Trust Company, Ripple’s New York-regulated subsidiary, and Ripple outlined the trust bank’s approved activities on October 26.