Launched in late 2024, RLUSD is Ripple's institutional dollar, issued under NYDFS supervision and available on both Ethereum and the XRP Ledger. Everything about its structure is what a stablecoin designed in 2025 should look like.
Reserves and disclosure
Cash, cash equivalents and short-dated US treasuries, with monthly attestations from an independent accounting firm published from the beginning rather than added under pressure. There is no commercial paper, no lending and no crypto collateral.
Distribution strategy
Ripple's institutional relationships in cross-border payments are the intended distribution channel, which is a different route to scale than the exchange-led growth that built USDT and USDC. Whether it works is the open question: institutional payment flows are large but slow to move, and consumer-facing liquidity has to come from somewhere.
Where it stands
Supply is modest and growing, DeFi integration is limited, and secondary liquidity is thin outside a few venues. The peg has held without incident since launch, which is expected for a fully reserved token of this size but is still a data point.
Who should use it
Institutions within Ripple's payment ecosystem, and users on the XRP Ledger who want a regulated dollar there. For general on-chain use, USDC's liquidity advantage is decisive.