RLUSD: stablecoins rating breakdown
Ripple · fiat-backed
A well-constructed institutional stablecoin: NYDFS trust-company issuance, monthly attestations, reserves in cash and short-dated Treasuries, and $2.11bn of supply built in a short time — evidence that the payments channels it was designed for are actually using it.
A well-constructed institutional stablecoin: NYDFS trust-company issuance, monthly attestations, reserves in cash and short-dated Treasuries, and $2.11bn of supply built in a short time — evidence that the payments channels it was designed for are actually using it.
How the score is built
Each criterion is scored 0–10 and weighted. The median column is the middle score across every entry in this ranking, so a row reads as a position rather than a number.
| Criterion | What we measured | Weight | Score | Category median | Rank | Weighted gap |
|---|---|---|---|---|---|---|
| What is behind it, and who verifies that | — | 32% | 8 | 7 | 3 of 9 | +0.32 |
| Peg record, and the deviation right now | +0.0186% deviation from $1.00 · measured · 2026-08-27 · source | 25% | 8 | 8 | 1 of 9 | 0.00 |
| Who can freeze your balance | — | 18% | 3 | 4 | 6 of 9 | -0.18 |
| Supply and where it is accepted | $2.11bn circulating supply · sourced · 2026-08-27 · source2 chains · sourced · 2026-08-27 · source | 15% | 4 | 6 | 7 of 9 | -0.30 |
| Who keeps the interest on the reserves | — | 10% | 3 | 4 | 6 of 9 | -0.10 |
Measured 27 August 2026 · weights and method · decided by what is behind it, and who verifies that, worth +0.32 points against the median
What is behind it, and who verifies that: 8/10
Sourced to primary documents: what the reserves actually hold, who attests and how often, and — the distinction the industry blurs deliberately — whether that is a full audit or a point-in-time attestation. A monthly attestation by a named accounting firm and a quarterly self-published summary are not the same instrument, and neither is an audit. Crypto-backed and synthetic designs are judged on their own terms: the collateral ratio, where the collateral lives, and what it does in a drawdown.
Scored 8 of 10 against a category median of 7, which places it 3rd of 9 among stablecoins on this criterion. At a 32% weight that is 0.32 points above the median contribution of the weighted total. The best score in the category is 9, the worst 3.
Peg record, and the deviation right now: 8/10
Every historical break with its date, depth and cause, plus the live deviation from $1.00 measured at a stated timestamp. Both halves matter: the current price says almost nothing on a quiet day, and the history says everything about what happens on a violent one.
Scored 8 of 10 against a category median of 8, which places it 1st of 9 among stablecoins on this criterion. At a 25% weight that is exactly level with the median of the weighted total. The best score in the category is 8, the worst 3.
Who can freeze your balance: 3/10
Whether the issuer can blacklist an address, whether it has actually done so, and at whose request. Nearly every fiat-backed stablecoin can freeze funds — that is not a defect, it is the design, and it is the single fact most likely to matter to a holder who never reads a reserve report. We record it as a fact rather than a moral judgement.
Scored 3 of 10 against a category median of 4, which places it 6th of 9 among stablecoins on this criterion. At a 18% weight that is 0.18 points below the median contribution of the weighted total. The best score in the category is 6, the worst 2.
Supply and where it is accepted: 4/10
Circulating supply and the number of chains it genuinely circulates on, from public data at a stated timestamp. Supply is the closest available proxy for whether you can exit at size without moving the price.
Scored 4 of 10 against a category median of 6, which places it 7th of 9 among stablecoins on this criterion. At a 15% weight that is 0.30 points below the median contribution of the weighted total. The best score in the category is 10, the worst 4.
Who keeps the interest on the reserves: 3/10
The reserves behind a large fiat-backed stablecoin earn a market rate. We record who receives that: the issuer, the holder, or a distributor. It is the least discussed economic fact in the category and it is worth billions a year.
Scored 3 of 10 against a category median of 4, which places it 6th of 9 among stablecoins on this criterion. At a 10% weight that is 0.10 points below the median contribution of the weighted total. The best score in the category is 9, the worst 2.
Its nearest neighbours in this ranking
| # | Entry | What is behind it, and who verifies that | How it differs |
|---|---|---|---|
| 4 | USDG | 8 | Level on what is behind it, and who verifies that; the gap is elsewhere. |
| 5 | DAI | 7 | Behind by 1 on what is behind it, and who verifies that. |
| 7 | USDT | 5 | Behind by 3 on what is behind it, and who verifies that. |
| 8 | USDe | 4 | Behind by 4 on what is behind it, and who verifies that. |
Questions about this score
Who issues RLUSD and what backs it?
+
Ripple, through a New York trust company supervised by NYDFS, with reserves in cash and short-dated Treasuries and monthly attestations. That combination puts it among the better-evidenced stablecoins in this rating; what it lacks is scale and secondary-market depth rather than reserve quality.
Where can RLUSD actually be used?
+
Principally inside Ripple's own ecosystem and the payment corridors it was built for. It circulates on two chains, and support across trading venues and DeFi protocols is much narrower than USDC's — so anyone holding size should check the exit route before they need it.