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[RLUSD]

Ripple

Grade
A
Date of Rating:
July 17th, 2025
Last Change:
July 17th, 2025
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
N/A
[M]
N/A
[I]
N/A
[D]
N/A
[G]
N/A
[E]
N/A
RLUSD Price
Last Update:
15/08/57523 08:40:00
$0.999638
Market Cap
$527,553,960
24h Volume
$149,727,759
Collater­alization
100%
Type of Peg
Fixed - To Fiat
Type of Backing
Fiat
Data provided by
Coingecko
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
-
[M]
-
[I]
-
[D]
-
[G]
-
[E]
-
Core Team
  • Hidden Name
  • Hidden Name
Audits
Native Chains
  • Chain
Links
Full Report
Scoring Guidelines
[S]
[M]
[I]
[D]
[G]
[E]
0.00
0.00
0.00
0.00
0.00
0.00
Ripple
A
  • RLUSD by Ripple is backed by US treasury bills, government money market funds, and bank deposits. These assets present some of the lowest credit and duration risks while trading in a highly liquid secondary market.
  • Reserves backing RLUSD are held by the Bank of New York Mellon, the largest custodian of financial securities in the world. The bank is classified as a “systemically important financial institution” by the Financial Stability Board.
  • RLUSD is issued by Ripple via Standard Custody & Trust Company, which is regulated as a limited purpose trust company by the New York Department of Financial Services. This subjects the issuer to some of the most stringent guidelines and monitoring requirements.
  • Reserves backing RLUSD are held in segregated accounts for the benefit of token holders, and cannot be used for the issuer’s regular business operations. These assets will likely remain protected from any potential bankruptcy of the issuer.
  • Institutional users can mint or redeem RLUSD directly with the issuer. But retail users are limited to secondary markets via centralized or decentralized exchanges.
  • Suitability - RLUSD is most suitable for (a) institutions seeking to make and receive payments, and (b) passive users seeking exposure to USD in an onchain format.

The following outcomes may improve factor scores and lead to a rating upgrade.

  • Ripple enables access to primary liquidity for retail users to mint or redeem RLUSD directly.
Ripple
Stability

RLUSD is backed by US treasury bills and government money market funds. Reserves are held in segregated accounts by the Bank of New York Mellon.

Market makers maintain the peg through arbitrage with the underlying reserves.

Ripple
Management

RLUSD is issued by Standard Custody & Trust Company, which was founded in 2018 by Arthur Britto and David Schwartz. Currently, the company is managed by Jack McDonald as CEO.

Ripple Labs acquired the issuer in Feb 2024. The parent company is managed by Brad Garlinghouse as CEO.

Ripple
Decentralization

This factor evaluates censorship resistance using indicators like regulatory oversight, asset custody, and governance controls.

Decentralization is not a key objective for Standard Custody & Trust Company, who prioritizes compliance over decentralization. Therefore, this factor is not assessed.

Ripple
Governance

RLUSD is issued by Standard Custody & Trust Company, which is regulated as a limited purpose trust company by the New York Department of Financial Services.

The issuer publishes monthly attestations of reserves from an independent accounting firm.