Overview
Ripple USD (RLUSD) is a dollar stablecoin launched by Ripple in December 2024. It is issued by Standard Custody & Trust Company, a Ripple subsidiary chartered and supervised by the New York Department of Financial Services (NYDFS), one of the strictest crypto regulators in the US.
RLUSD runs on the XRP Ledger and Ethereum. By October 2026, about $2.6 billion was in circulation.
How it works
- Each RLUSD is backed one-to-one by US dollar deposits, short-term US Treasuries and cash equivalents.
- Ripple publishes monthly reserve attestations by an independent accounting firm.
- Approved institutions can create and redeem RLUSD for dollars.
Ripple uses RLUSD across its business: for cross-border payments, as collateral and settlement in Ripple Prime (its prime brokerage), and in partnerships with exchanges and funds. Ripple has also applied for a US national bank charter.
The RLUSD token
| RLUSD at a glance | |
|---|---|
| In circulation (Oct 2026) | about $2.6 billion |
| Target value | $1.00 |
| Launched | December 2024 |
| Market cap | about $2.6 billion (#41) |
Risks
- Small and young. RLUSD hasn’t been tested through a major crisis.
- Ripple dependence. Much of its growth comes from Ripple’s own products and partners.
- Freezing. Like USDC and USDT, the issuer can freeze tokens.
- Liquidity. Fewer trading pairs and DeFi integrations than the leaders.
RLUSD vs. the competition
| RLUSD | USDC | PYUSD | |
|---|---|---|---|
| Issuer | Ripple (NY trust company) | Circle | Paxos for PayPal |
| Regulator | NYDFS | Several (US, EU) | NYDFS |
| Main chains | XRP Ledger, Ethereum | Many | Ethereum, Solana |
Our verdict
RLUSD is a carefully regulated, conservatively backed stablecoin that is growing fast with Ripple’s institutional push. For XRP Ledger users, it is the natural dollar token. Like all stablecoins, it is a tool, not an investment; for larger amounts, spreading across more than one stablecoin reduces risk.
This review is for information only and is not financial advice.