Ripple’s dollar-backed stablecoin RLUSD has received an A2 long-term deposit rating and a P-1 short-term deposit rating from Moody’s Ratings, according to the agency’s October 27 rating action. The assessment gives institutional users a credit-risk benchmark for a stablecoin that Ripple is positioning for payments, liquidity management and collateral applications.
The ratings apply to RLUSD issued natively on the XRP Ledger and Ethereum. Moody’s assessment considers the credit quality and market value of assets backing the token, as well as the reserve structure, liquidity and the arrangements for redeeming tokens.
What Moody’s ratings mean for RLUSD
An A2 rating falls within Moody’s investment-grade long-term rating scale. P-1 is its highest short-term rating category. The two assessments should not be read as a promise that RLUSD will always trade at precisely one dollar or that token holders face no operational, legal or liquidity risk.
Credit analysis of a dollar-backed stablecoin differs from a review of an ordinary cryptocurrency. It focuses on whether reserve assets can support redemption obligations and how reserves are administered, safeguarded and converted into cash when holders seek to redeem.
Ripple expands its institutional stablecoin infrastructure
The rating follows a separate October 27 announcement by Ripple that BNY has expanded digital-asset custody support to include XRP and RLUSD. BNY is also the primary reserve custodian for RLUSD, according to the companies.
Ripple and BNY said they intend to explore additional institutional use cases, including tokenized trade finance on the XRP Ledger. Those initiatives remain exploratory, with planned products and capabilities subject to relevant client requirements and approvals.
BlockBriefing previously reported the BNY custody and trade-finance development. The two announcements are separate: the Moody’s rating concerns RLUSD’s credit and reserve arrangements, while the BNY initiative concerns custody infrastructure and potential use cases.
What comes next for stablecoin adoption
Institutional adoption ultimately depends on more than a rating. Prospective users must evaluate redemption rights, reserve transparency, custodial arrangements, applicable regulation, transaction costs and the suitability of each blockchain or payments network.
The Moody’s assessment may provide another reference point for treasury and risk-management teams comparing stablecoin products. However, it does not by itself establish how many institutions will adopt RLUSD or whether XRP’s market price will benefit.
Primary source: Moody’s Ratings, RLUSD rating action, October 27, 2026. Additional context: Ripple and BNY announcement, October 27, 2026.