Ripple USD

RLUSD is the regulated US dollar stablecoin issued by Ripple.

Ripple USD (RLUSD) is a digital token designed to keep a stable value of one US dollar. It is issued by Standard Custody & Trust Company, a New York limited purpose trust company owned by Ripple Labs and supervised by the New York Department of Financial Services (NYDFS). RLUSD launched on 17 December 2024 and runs on the XRP Ledger and Ethereum, with several other networks approved by the regulator.

RLUSD has no fixed supply. Ripple creates tokens when approved business customers deposit dollars and destroys them on redemption at US$1 each; ordinary users buy and sell it through exchanges and partners. The reserve is kept separate from the issuer's own assets. At 31 July 2026 it held US$1.575 billion against 1.464 billion tokens, examined by the accounting firm Deloitte: about 68% in short-term US Treasury bills, 16% in government money-market funds and 15% in bank deposits. Supply has grown quickly since, to about US$2.49 billion on 27 September 2026.

RLUSD is aimed mainly at institutions: cross-border payments and settlement through Ripple's products, collateral, and trading on exchanges. Regulators in the Dubai International Financial Centre (June 2025) and Abu Dhabi Global Market (November 2025) have recognised it for use by firms they license, and in December 2025 the US bank regulator OCC conditionally approved Ripple's application to open a national trust bank.

Holders receive no interest: the terms give them no share of, or property right in, the reserve, and the income from the reserve stays with the issuer. Like other regulated stablecoins, Ripple can freeze addresses and burn tokens.