Traditional credit agencies have started scoring stablecoins, and Ripple's RLUSD is the first to come out with an investment-grade mark: Moody's assigned A2 long-term and P-1 short-term deposit ratings to the dollar token.

The ratings cover RLUSD issued by Standard Custody & Trust Company on the XRP Ledger and Ethereum. The reserve sits mostly in U.S. Treasury bills, other short-dated government assets and cash, held with BNY as primary custodian, and the issuer is overseen by the New York Department of Financial Services.

RLUSD targets about 103% reserve coverage against roughly $2.5B in circulating supply.

The ratings were assigned under the stablecoin methodology Moody's published in March 2026. A rated deposit-style grade gives banks and institutional treasuries a familiar credit benchmark when deciding which stablecoins they can hold.