RLUSD
Ripple's NYDFS-regulated dollar stablecoin on XRP Ledger and Ethereum.
RLUSD (Ripple USD) is a USD-backed stablecoin issued by Standard Custody & Trust Company (a Ripple subsidiary) under a limited-purpose trust company charter from the New York Department of Financial Services (NYDFS). It launched in December 2024, natively on both the XRP Ledger and Ethereum, with reserves held 100% in cash, US Treasuries, and cash equivalents in segregated, bankruptcy-remote accounts with BNY Mellon as custodian (Ripple documentation). As of May 27, 2026, total supply was approximately $1.78B (CoinGecko) with XRPL holding about 53.5% and Ethereum approximately 41% of issuance (DeFiLlama July 2, 2026). In mid-2026, Ripple began testing RLUSD on Ethereum L2 networks (Base, Optimism, Ink, Unichain) via Wormhole's Native Token Transfer (NTT) standard.
- Total circulating supply approximately $1.78B in May 2026 (CoinGecko); XRPL surpassed Ethereum in supply share for the first time in July 2026 (53.5% vs ~41%).
- Issued under NYDFS trust charter by Standard Custody & Trust Company, with monthly reserve attestations and BNY Mellon as custodian — the most regulated US stablecoin structure alongside GUSD.
- Primary use case is cross-border payments via Ripple's payments network (80+ bank and payment-provider partners), not DeFi yield — distinguishing it from USDC and USDT.
- XRPL DEX supports RLUSD/XRP trading pairs with near-instant 4-second settlement and sub-cent fees; XRPL AMM pools offer LP yield.
- Ethereum L2 expansion (Base, Optimism, Ink, Unichain) via Wormhole NTT testing through mid-2026; regulatory approval from NYDFS pending for full public rollout on L2s.
Frequently asked questions
What makes RLUSD different from USDC?
Both are regulated US dollar stablecoins with similar reserve composition (cash + Treasuries). The key difference is distribution and use case: USDC has approximately 44x more supply ($78B vs $1.78B) and deep liquidity across 15+ chains and hundreds of DeFi protocols. RLUSD is concentrated on the XRP Ledger and Ethereum, with its edge in Ripple's payments network settlement — particularly for institutional cross-border payment corridors where XRP Ledger's 4-second finality matters.
Can I earn yield on RLUSD in DeFi?
On the XRP Ledger, RLUSD liquidity providers in XRPL AMM pools can earn LP fees. On Ethereum, RLUSD is available on Uniswap and Curve pools, but DeFi depth is limited compared to USDC or USDT. The L2 expansion via Wormhole NTT will broaden access but remains in testing as of mid-2026.
Is RLUSD at risk from XRP regulatory issues?
RLUSD is a separate asset from XRP and issued under its own NYDFS charter, so it does not share XRP's regulatory history. However, as a Ripple-subsidiary-issued product, brand association with Ripple's legal and regulatory history creates reputational risk. For stablecoin-specific use, RLUSD's NYDFS charter provides strong standalone regulatory standing.