Ripple USD (RLUSD)
Ripple USD (RLUSD) is a fiat-backed dollar stablecoin issued by Ripple, the company behind the XRP Ledger. It is designed for payments and enterprise settlement use cases, and it operates across both the XRP Ledger and Ethereum. Our data shows a market capitalization of about $2.07B across 2 chains, and RLUSD ranks 8th of 15 in our stablecoin ratings with a best score of 8.23.
Is the peg stable?
At our latest measurement, RLUSD deviated only about 0.01% from $1 — essentially at par. A tight peg from a young stablecoin issued under regulatory oversight is a reassuring signal, though a shorter track record still warrants extra caution relative to long-established tokens.
Backing and regulation
Ripple describes RLUSD as backed by US dollar deposits, short-term US government Treasuries, and cash equivalents, issued under a New York State Department of Financial Services trust charter, with regular reserve attestations. We do not independently audit these reserves; our assessment focuses on measured peg stability, scale, and chain reach. RLUSD's design leans on Ripple's enterprise and cross-border payments positioning.
Considerations
- Centralized issuance: Ripple controls minting and redemption and can restrict tokens.
- Narrower chain reach: Our data shows deployment on 2 chains, fewer than the largest stablecoins.
- Shorter history: RLUSD is newer and has weathered fewer market cycles.
- No public status page was found in our checks.
Enterprise positioning
RLUSD is built with cross-border payments and institutional settlement in mind, leaning on Ripple's existing enterprise relationships and the speed of the XRP Ledger. Our 8.23 composite reflects a strong measured peg and solid scale, tempered by narrower chain reach and the absence of a public status page. For a stablecoin launched only recently, holding a tight peg at multibillion-dollar scale is an encouraging early sign.
Who is it for?
RLUSD is well suited to users focused on payments and settlement, especially within the XRP Ledger and Ripple's enterprise network, who value a regulated issuer. It is less compelling for those wanting the deepest DeFi liquidity or the widest multichain reach, both areas where the largest incumbents still lead. Confirm supported venues, custody arrangements, and redemption terms before relying on it, and treat the token as a claim on Ripple rather than as insured dollars.