Moody's Ratings assigned Ripple's RLUSD stablecoin a long-term deposit rating of A2 and a short-term rating of P-1 on Oct. 28, the agency said.
An investment-grade rating means Moody's views RLUSD's reliability as comparable to major corporate debt. The ratings apply to RLUSD issued directly on the XRP Ledger and Ethereum networks and weigh reserve quality against the risk to holders if the issuer were to go bankrupt.
Moody's said the reserve “is predominantly invested in highly liquid, short-duration U.S. government assets and cash.” The reserve is held by Standard Custody and Trust Company, which targets a 103% coverage ratio.
Jack McDonald, Ripple's vice president of stablecoins, said the rating amounted to a significant validation of RLUSD.
Moody's did not disclose what could trigger a downgrade. The agency published its stablecoin rating methodology in March 2026, and the U.S. GENIUS Act, which regulates stablecoin issuance, takes effect in January 2027.
RLUSD launched in December 2024. Its market capitalization stood at about $2.5 billion at the time of the rating.
