Swap RLUSD at the Best Rate

What is RLUSD?

RLUSD is a fiat-backed stablecoin aimed at institutions and payments. It is issued natively on two networks, as an ERC-20 on Ethereum and as an issued asset on the XRP Ledger, and its design goal is regulatory acceptance: issuance under a New York trust charter, reserves in segregated accounts, and monthly third-party attestations.

The issuer is Standard Custody & Trust Company, a New York limited purpose trust company whose ultimate parent is Ripple Labs. Approval from the New York Department of Financial Services came in December 2024, and the Dubai Financial Services Authority later recognized the token as well.

How RLUSD works

Verified institutional customers mint and redeem directly with the issuer at one dollar per token; everyone else trades RLUSD on exchanges and on-chain. Reserves are held as dollar deposits, short-dated US Treasuries and cash equivalents, with The Bank of New York Mellon serving as primary custodian since July 2025.

Deloitte & Touche prepares monthly attestations under the NYDFS stablecoin guidance. The report for February 2026 counted about 1.54 billion RLUSD outstanding on 19 February against reserves of 1.61 billion dollars, an excess the trust framework requires to stay positive.

Who builds RLUSD

Ripple Labs has built settlement infrastructure around the XRP Ledger since 2012 and moved into stablecoins by acquiring Standard Custody, whose trust charter dates to 2021. RLUSD plugs into Ripple Payments, the company's cross-border settlement product, which gives the token a distribution channel most new stablecoins lack.

How RLUSD is governed

There is no token governance; the issuer and its regulators define how RLUSD operates. The Ethereum contract enforces that with roles Ripple manages internally: minting and burning, pausing all transfers, freezing individual addresses, clawing back tokens from any account, and upgrading the contract itself. The XRP Ledger issuance carries equivalent freeze and clawback controls.

RLUSD risks and considerations

The same controls that make RLUSD acceptable to regulators are powers over holders. An address can be frozen, a balance can be clawed back, and a global pause stops every transfer at once; the token is also upgradeable, so its rules can change. These are issuer decisions, not community ones.

Reserve risk is conventional: monthly attestations are point-in-time reports, not continuous audits. RLUSD also launched without European MiCA authorization, so availability differs by jurisdiction, and the Ethereum and XRP Ledger deployments are separate instruments that an exchange or bridge must connect.