Moody’s has assigned Ripple’s RLUSD stablecoin an A2 long-term deposit rating and its highest P-1 short-term rating for tokens issued on the XRP Ledger and Ethereum. The development comes as Ripple receives final approval for a national trust bank and Coinbase expands RLUSD access across its platforms and three blockchain networks.

Moody’s Rates RLUSD on the XRP Ledger and Ethereum

Moody’s assigned RLUSD its highest short-term credit rating, P-1, alongside an A2 long-term deposit rating. The ratings apply to RLUSD issued on both the XRP Ledger and Ethereum.

P-1 represents Moody’s strongest short-term credit assessment, while A2 falls within the agency’s investment-grade range. The ratings provide financial institutions with a standardized credit measure for evaluating the dollar-backed token. That measure carries practical weight in adoption decisions, since institutional treasury policies commonly restrict cash holdings to instruments carrying top-tier short-term ratings.

RLUSD’s reserves consist of U.S. dollar deposits, short-term Treasury securities and other cash equivalents. Standard Custody & Trust Company, Ripple’s New York-regulated subsidiary, remains the stablecoin’s issuer.

Ripple Receives Final Approval for National Trust Bank

The Office of the Comptroller of the Currency granted final approval for Ripple National Trust Bank on October 26. The decision permits Ripple to establish a federally supervised trust institution. National trust charters are the same federal pathway Anchorage Digital followed in 2021, when it became the first crypto-native company to receive a national trust bank charter from the OCC.

The new bank will manage segregated RLUSD reserves and serve as a collateral trustee. Its approved activities also include fiduciary custody services for institutional digital assets.

Standard Custody & Trust Company will continue issuing RLUSD under New York regulation. The national trust bank will assume reserve-management and custody responsibilities within the approved federal framework, giving the two entities separate roles in Ripple’s stablecoin operations. No timeline has been given for when the new bank takes on those duties.

The trust bank will operate under OCC oversight and must comply with the requirements established in its charter.

BNY Expands XRP and RLUSD Custody Services

BNY has expanded its digital asset custody relationship with Ripple to include XRP and RLUSD. Eligible institutional clients can now hold and transfer both assets through BNY’s Digital Asset Custody platform.

BNY already serves as RLUSD’s primary reserve custodian. Founded in 1784 and among the world’s largest custody banks, the institution oversees tens of trillions of dollars in assets under custody and administration. The arrangement brings custody for XRP and RLUSD onto a platform used by institutions for asset servicing, with the bank’s controls covering the safekeeping and transfer of assets for eligible customers.

Ripple and BNY are also examining tokenized trade finance using the XRP Ledger. The proposed services would connect blockchain infrastructure with financing arrangements for businesses. Neither company has announced a launch date for those additional services.

Coinbase Adds RLUSD to Prime, Exchange and Retail App

Ripple and Coinbase announced expanded RLUSD availability on October 28. The stablecoin launched across Coinbase Prime, Coinbase Exchange and Coinbase’s retail application.

Eligible Coinbase customers can access RLUSD trading and management services. The partnership supports one-to-one conversions from dollars and supported dollar-denominated stablecoins. Deposits and withdrawals are available on the XRP Ledger, Base and Ethereum.

Ripple will provide liquidity on Base to facilitate RLUSD transactions. Coinbase plans to extend access to Global Exchange customers, including collateral functionality — the ability to post RLUSD as trading collateral — although that expansion will follow the initial rollout.

In its partnership announcement, Ripple reported that RLUSD circulation had exceeded $2.4 billion. The company continues to position the stablecoin for payments, custody and institutional settlement.

The developments expand RLUSD’s distribution across exchanges and financial institutions. They do not establish immediate demand for XRP or guarantee additional blockchain transaction activity.

Primary-source links:

• Ripple and Coinbase announcement:
• BNY post: https://x.com/BNYglobal/status/2115080971766960299?a=UJLTBNBV6_R4VQxl7CY& s=20
• Related source: https://themarketperiodical.com/2025/07/10/ripple-places-bny-global-as-reserves-custodian-for-rlusd/
• Source article: https://themarketperiodical.com/2026/10/29/xrp-news-rlusd-secures-moodys/
• https://x.com/WhaleInsider/status/2115345982791795047?s=20
• https://x.com/EleanorTerrett/status/2114862108189860291?a=WoeqYiWxBjmjfbstgf4&s=20