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Moody’s has assigned Ripple’s dollar-pegged stablecoin RLUSD an A2 long-term deposit credit rating and a P-1 short-term deposit credit rating, the highest short-term tier, The Defiant reported.
The rating applies only to RLUSD issued directly by Ripple subsidiary Standard Custody & Trust Company (SCTC) on the XRP Ledger and Ethereum networks. Moody’s said RLUSD reserves are made up mainly of highly liquid assets including short-term U.S. Treasuries and cash, and viewed positively the issuer’s target of maintaining a 103% reserve collateral ratio. It added that if the issuer were to go bankrupt, token holders do not have direct ownership rights over the reserves, which could delay redemptions.