According to Moody's official rating announcement, on October 28, Moody's assigned investment-grade ratings of A2 (long-term) and P-1 (short-term deposit) to Ripple's RLUSD stablecoin, marking the first investment-grade Moody's rating for a stablecoin. The A2 long-term rating sits in the upper-medium-grade band of Moody's scale, while P-1 is the agency's highest short-term grade.

RLUSD, issued by Standard Custody & Trust Company (Ripple's New York-regulated subsidiary) across XRP Ledger and Ethereum, has a market capitalization of approximately $2.6 billion and ranks as the ninth-largest stablecoin. Moody's assessment considered reserve quality, reserve coverage of 103%, liquidity arrangements, and custody by The Bank of New York Mellon (rated Aa1 by Moody's).

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