Ripple USD

What is Ripple USD?

Ripple USD (RLUSD) is a dollar stablecoin issued by Standard Custody & Trust Company, a Ripple subsidiary chartered as a limited-purpose trust by New York's Department of Financial Services. It launched in December 2024 on the XRP Ledger and Ethereum and is backed by dollar deposits, short-term Treasuries and cash equivalents. Ripple aims it mainly at institutions and payment flows.

What it’s used for

Ripple uses RLUSD in its payments product in certain jurisdictions and its prime brokerage accepts it as collateral. It also trades on exchanges and is used on the XRP Ledger and Ethereum.

Role of the RLUSD token:

Evidence of real use

• RLUSD launched in December 2024 and is issued by Standard Custody & Trust Company under an NYDFS limited-purpose trust charter. Source
• The OCC conditionally approved Ripple National Trust Bank on December 12, 2025; Ripple says RLUSD is used in Ripple Payments and as collateral at Ripple Prime. Source
• Ripple publishes regular independent attestations of RLUSD reserves. Source

How Ripple USD works

Standard Custody & Trust Company mints RLUSD when approved customers deposit dollars and burns it when they redeem at one dollar per token, so supply always matches redeemable reserves. Most users never redeem directly; they get RLUSD through exchanges or payment providers. As an NYDFS-chartered trust, the issuer must segregate reserves, publish monthly independent attestations and get approval for material changes to the product.

Reserves are held in US dollar deposits, short-term US Treasuries and cash equivalents. In December 2025 the OCC conditionally approved Ripple National Trust Bank. Ripple says that bank will act as collateral trustee for the RLUSD reserves, adding a federal layer on top of New York oversight rather than replacing it. The RLUSD issuer itself remains the New York trust company.

RLUSD runs natively on the XRP Ledger and Ethereum. It is separate from XRP: holding RLUSD does not give you XRP exposure, and you do not need XRP to own RLUSD, although XRP Ledger accounts need a small XRP reserve to operate. Like other regulated stablecoins, the issuer can freeze tokens to meet legal obligations. RLUSD is also approved for use by the Dubai Financial Services Authority, which widens where institutions can use it.

Key moments

1. 2024NYDFS approves RLUSD on December 10 and it launches on the XRP Ledger and Ethereum on December 17.
2. 2025The GENIUS Act becomes law in July; the OCC conditionally approves Ripple National Trust Bank on December 12.
3. 2026Federal regulators propose GENIUS Act implementing rules; RLUSD remains issued under NYDFS supervision.

Supply

RLUSD has no supply cap. Tokens are minted against dollar deposits and burned on redemption, so supply follows customer demand. Holders do not receive the interest earned on reserves.

Risks to understand

• Issuer concentration: holders depend on one company's controls, custody and redemption process.
• Liquidity: as a newer stablecoin, RLUSD may have thinner markets on some exchanges than larger rivals.
• Freeze risk: the issuer can block tokens at specific addresses under its terms.
• Regulatory transition: The GENIUS Act, signed in July 2025, is expected to take effect on January 18, 2027. As of October 2026, Treasury, the OCC and the Federal Reserve had published proposed implementing rules, but final rules were still pending. Ripple's national trust bank had conditional, not final, OCC approval in the sources we reviewed.

Last reviewed October 4, 2026 by The Crypto Guide editorial team. Utility Lens ratings are editorial judgments, not investment advice. Market data from CoinGecko. Spot an error? Request a correction.