Ripple USD (RLUSD) Review

How Ripple USD scores in stablecoins

This entry rates Ripple USD (RLUSD) in our stablecoin ranking. The token carries Ripple's brand; the issuer named in Ripple's terms is Standard Custody & Trust Company, LLC (SCTC), a New York limited purpose trust company. The basis is desk research of Ripple's stablecoin page, its RLUSD transparency page, the RLUSD user terms (last updated October 14, 2026) and Ripple's October 26, 2026 announcement on its national trust bank, checked on November 1, 2026. No account was opened and no tokens were bought or redeemed. The category uses five equally weighted criteria, each marked 0 to 10, as set out in our ratings methodology.

The overall score is the plain average: (9 + 10 + 7 + 9 + 9) ÷ 5 = 44 ÷ 5 = 8.8, unchanged from the previous entry. No mark moved on November 1, 2026. The new evidence either confirms a mark already at the top of the scale (the OCC approval adds to an oversight mark of 10) or does not close the gaps that held the other marks down: the attesting firm is still unnamed and redemption terms are still private.

Strongest criterion: regulatory oversight (10)

Ripple's terms name SCTC as the issuer and its stablecoin page states that SCTC is chartered by the NYDFS, with approval also from the Dubai Financial Services Authority. On October 26, 2026 Ripple announced final OCC approval for Ripple National Trust Bank. Its approved activities include managing the reserves behind RLUSD and acting as collateral trustee of those reserves for holders once the bank opens. Ripple says SCTC remains the issuer under NYDFS supervision, so the token now sits under a state regulator with a federal trust bank planned for the reserves. That arrangement was announced days before this check, so how it works in practice is not yet visible in any report.

Custody, transparency and backing (9 each)

Custody & segregation (9)

Ripple names BNY as primary custodian, a party that can be identified and asked, and the terms require SCTC to keep the reserve in accounts segregated from its other assets. The mark is not 10 because the terms also state that RLUSD "does not convey any right to withdraw any assets held in the Reserve," let Ripple withdraw reserve returns above the minimum, and do not address what happens to the reserve if the issuer becomes insolvent.

Reserve transparency (9)

The transparency page shows running totals: on October 29, 2026, $2,758.6 million of reserves against $2,627.0 million of RLUSD, a ratio of about 105%. Attestations are monthly. Two things hold the mark at 9. The page says only that an independent US-licensed CPA does the work, without naming the firm. And the stablecoin page shows "103% overcollateralized", which Ripple does not reconcile with the transparency figures. The attestation files are downloads and were not opened for this review.

Backing model clarity (9)

Ripple describes the reserve as cash, US Treasuries and government money market funds. The asset classes are clear; the transparency page does not split the reserve between them, and Treasuries and fund holdings carry some duration that pure cash does not.

Weakest criterion: redemption rights (7)

This is a deficiency in published terms, not a finding that redemption fails. The public terms say each RLUSD can be redeemed for $1 by customers, and that a holder who is not a customer can redeem only if the right has been transferred to them. Fees, minimums and timing are left to the RLUSD customer agreement, which is not published. A holder who bought RLUSD on an exchange therefore exits through that market, not through Ripple. Issuers in this category that publish free, always-available redemption terms score 9.

What the score does not cover

• Freezing and burning. Section 11.5 of the terms lets Ripple blacklist an address, with or without notice, and burn RLUSD in one wallet with no obligation to mint it again. The terms warn that users may lose their RLUSD. This is not a criterion.
• Contract and network risk. Smart contract design, the networks RLUSD runs on and exchange liquidity were not measured.
• Track record. The age of the token and its market size are not criteria.

Our guide on how to assess a stablecoin explains what attestations and redemption terms can show.

Ripple USD vs Gemini Dollar and USD Coin

On current marks, Gemini Dollar leads the category at 9.4. Both are issued by NYDFS-chartered trust companies and both score 10 on oversight; the gap is redemption (9 against 7) and transparency (10 against 9), where Gemini names its attesting firm. Both score 9 on custody and backing. USD Coin, second at 9.0, is 0.2 ahead: it scores higher than RLUSD on transparency (10 against 9), level on oversight (10), with the same 7 for institution-only redemption. Three coins share 8.8 and are listed alphabetically: Pax Dollar, PayPal USD and Ripple USD, which places Ripple USD fifth of ten. PayPal USD and Pax Dollar, both issued by Paxos's OCC-supervised trust bank, match RLUSD on transparency (9) and oversight (10), score higher on redemption (9 against 7) and lower on custody (7 against 9).

Who this rating suits

The score describes a stablecoin with strong, named supervision and a named custodian, whose redemption route is open only to onboarded customers on private terms. It is most relevant to an institution that can become a Ripple customer, or to a holder who weighs regulatory status heavily. It says less to someone holding RLUSD on an exchange, who depends on that venue's market to get back to dollars. The score assesses published documentation and is not a recommendation to hold any token.