On 28 October rating agency Moody's assigned Ripple's RLUSD stablecoin a long-term A2 rating and a short-term P-1 rating, both investment grade. The assessment was based on reserves backing RLUSD consisting mainly of cash and short-duration US government securities, a 103% coverage target, third-party custody, and liquidity and redemption arrangements. The rating came one day after final approval from the US OCC regulator for Ripple to set up a national trust bank.

What it means: An investment-grade rating for a stablecoin from a major agency such as Moody's is a relatively new development and shows crypto stablecoins starting to be judged by the same criteria used for bonds and bank deposits. The rating does not mean RLUSD is guaranteed to always hold its dollar peg; Moody's explicitly says that weaker reserve quality, coverage or liquidity could lead to a downgrade. The OCC's trust bank approval, a day earlier, means Ripple can now custody and manage the reserves backing its own coin itself, which increases its control but also its responsibility. For businesses considering stablecoins for payments or settlement, an external rating offers an extra reference point beyond the issuer's own statements, but it does not replace their own due diligence. In the EU, where MiCA already sets strict reserve requirements for stablecoins, the move shows that even outside Europe the market is heading towards greater transparency, which makes it easier to compare different coins.

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