Moody’s has given Ripple’s RLUSD stablecoin an A2 long-term deposit rating and a P-1 short-term rating, both investment grade, The Block reports. The agency used its stablecoin methodology, published in March 2026.
Moody’s points to a reserve held mostly in short-term US Treasury bills, other short-term government assets and cash. Standard Custody & Trust Company targets 103% coverage, which Moody’s says is above the minimum for the rating. Most of the reserve sits at BNY, which Moody’s rates Aa1.
RLUSD launched in December 2024 and has a market capitalisation of about $2.5 billion. Ripple says it is used mainly inside its own payment infrastructure and as collateral in Ripple Prime.
Jack McDonald, Ripple’s senior vice president of stablecoins, says RLUSD is the first stablecoin to receive an investment-grade Moody’s rating. That is Ripple’s claim, and the report does not test it.
The rating follows final OCC approval for Ripple National Trust Bank, whose charter lets it manage RLUSD’s segregated reserves. Moody’s notes that the GENIUS Act, which would shield required reserves from an issuer’s bankruptcy estate, does not take effect until January 2027. It adds that weaker reserve quality, lower coverage or thinner liquidity could lead to a downgrade.
The report gives no outlook, no reserve total, no split between Treasury bills and cash, and does not say whether the new charter has changed where the reserves are held. A rating that leans on protections not yet in force is worth reading with that date in mind.
