Moody's assigned Ripple's $2.6B RLUSD stablecoin an A2/P-1 rating, a day after Ripple won final OCC approval for its national trust bank. Reserves are mostly T-bills and cash at BNY with a 103% covera

What happened: Moody's assigned A2 long-term and P-1 short-term deposit ratings to Ripple USD (RLUSD), the stablecoin issued by Ripple subsidiary Standard Custody & Trust Company. Why it matters: The rating came a day after Ripple won final OCC approval for Ripple National Trust Bank, which will manage RLUSD's reserves, putting the stablecoin under both state and federal supervision. Moody's flagged that Standard Custody is not bankruptcy-remote and holders lack direct ownership of reserves.

Moody's assigned A2 long-term and P-1 short-term deposit ratings to Ripple USD (RLUSD), the stablecoin issued by Ripple subsidiary Standard Custody & Trust Company.

The rating came a day after Ripple won final OCC approval for Ripple National Trust Bank, which will manage RLUSD's reserves, putting the stablecoin under both state and federal supervision. Moody's flagged that Standard Custody is not bankruptcy-remote and holders lack direct ownership of reserves.