RLUSD review

Conservative from the first day

RLUSD launched with what most issuers add years later: reserves in cash and short-dated Treasuries under a New York trust charter, published monthly and attested by an independent accounting firm from the outset. On the two axes that decide whether a stablecoin is sound — what backs it and who checks — it starts where the incumbents finished after a decade of pressure.

And a record that has not been tested

It launched in late 2024. No material deviation appears on its record, which is worth exactly as much as the length of that record — a stablecoin's peg is proven by what it does during a banking failure or a liquidation cascade, and this one has not yet met either. Our score reflects the disclosure it publishes, with that caveat stated rather than buried in a footnote.

Two rails

Native issuance on both Ethereum and the XRP Ledger gives it settlement reach that most new tokens lack, though secondary liquidity outside its home ecosystem is thin. Par redemption is available to verified institutional customers; retail holders exit through exchanges, where depth is the binding constraint.

Who it suits

Institutions that want a trust-issued dollar on those specific rails and are sizing to the liquidity that actually exists rather than to the reserve quality on paper.