Moody’s Ratings assigned RLUSD A2 long-term and P-1 short-term deposit ratings on Oct. 27. The ratings cover RLUSD issued on the XRP Ledger and Ethereum by Standard Custody & Trust Company, which remains the issuer despite final approval for Ripple National Trust Bank disclosed on Oct. 26.
Moody’s said the issuer targets reserves equal to 103% of RLUSD obligations, mainly in liquid, short-duration U.S. government assets and cash. Eligible institutions that have completed onboarding can redeem RLUSD at $1 per token within two full business days of a compliant order. Moody’s warned that issuer bankruptcy could delay payment: the issuer is not bankruptcy-remote, and holders do not directly own the reserve assets.
