Moody’s Ratings assigned Ripple USD (RLUSD) A2 and P-1 deposit ratings, placing its dollar-backed stablecoin under the agency’s fiat-backed token framework as separate market data on XRP, the XRP Ledger’s native asset, show no established price effect.
Moody’s notice gives RLUSD an A2 long-term deposit rating and a P-1 short-term deposit rating. The agency’s approach examines the assets supporting a fiat-backed token, how reserves are kept separate and how readily they can be accessed. The ratings apply to RLUSD, not XRP.
Ripple senior vice president of stablecoins Jack McDonald called RLUSD “the first stablecoin” to receive an investment-grade Moody’s rating. Moody’s notice confirms RLUSD’s ratings but does not establish that comparison across other stablecoins, so the “first” description is McDonald’s characterization.
Ripple’s user terms identify Standard Custody & Trust Company LLC as RLUSD’s issuer. They say the token is recorded on Ethereum, the XRP Ledger and other supported networks. Customers covered by the RLUSD Customer Agreement may redeem the token with Ripple for $1, subject to that agreement.
XRP was priced at $1.329 at 8 p.m. ET Oct. 27 (00:00 UTC Oct. 28), compared with $1.307 at 8 p.m. ET Oct. 26 (00:00 UTC Oct. 27), according to YCharts’ daily series, which identifies CryptoCompare as its data source. The observations do not establish that Moody’s rating affected XRP’s price.
Santiment reported Oct. 26 that wallets in its cohort holding at least 10 million XRP contained 46.87 billion XRP. That amounted to about 68.5% of supply, the largest share for the group since November 2022, according to the analytics firm. The figure aggregates wallet balances by size; it does not identify owners or connect the holdings to the RLUSD rating.
