Ripple’s RLUSD Stablecoin Gains Recognition, Ranks Above USDT and USDC
Highlights
- According to Bluechip, Ripple’s RLUSD stablecoin has higher trust compared to USDC and USDT.
- The RLUSD attains rating A because of the BNY Mellon custody and transparent reserves.
- The RLUSD stablecoin is still behind USDT and USDC in terms of market cap.
Bluechip has awarded Ripple’s RLUSD stablecoin an A rating, citing its robust compliance system and secure reserves custody with BNY Mellon. This rating solidifies RLUSD’s position as one of the most trusted stablecoins in the market, thanks to its institutional-grade minting capabilities.
Bluechip Rates RLUSD Stablecoin as Industry Benchmark
According to Bluechip, RLUSD is now the number one-ranked stablecoin. This comes as the rating agency confirmed that it is beginning official coverage of Ripple’s stablecoin. It described the stablecoin as the new benchmark for trust and compliance in the industry. The ranking highlights the growing strength of Ripple’s stablecoin strategy, especially among institutional users.
According to the rating agency’s X post, a key factor in RLUSD’s rating is its reserve structure. The Bank of New York Mellon keeps RLUSD stablecoin reserves, being the largest custodian of financial securities worldwide, with $43 trillion in assets under custody.
Bluechip emphasized that this structure provides strong protection for token holders, setting RLUSD apart from other stablecoins. The stablecoin is among the first prominent ones to enter the European market via Ripple’s registration in Luxembourg.
Meanwhile, it is worth noting that despite Bluechip’s ranking, which puts RLUSD as number one, USDT and USDC still have a way higher market cap than Ripple’s stablecoin. CoinMarketCap data shows that USDT has a market cap of just over $160 billion, USDC has a market cap of $64.5 billion, while RLUSD boasts a market cap of $517 million.
Ripple Acknowledges Recognition
In response to Bluechip’s new rankings, Ripple stated in an X post that the RLUSD stablecoin is built specifically for enterprise use. It focuses on compliance, global scale, and robust security.
Ripple also said the stablecoin is designed to meet the growing demand for reliable blockchain settlement tools among large corporations. Ripple thanked the agency for the recognition. It described the rating as an acknowledgment of its stablecoin as the market’s most trusted one.
Analysts see this as a sign that Ripple is gaining ground in the stablecoin market once dominated by USDC and USDT. This development follows a recent clarification by John Deaton.
Deaton stated that Ripple’s RLUSD stablecoin is a more direct competitor with the USDC stablecoin than XRP. In addition, RLUSD stablecoin operation eliminates any transparency concerns, directly by publicizing its reserve holdings and custodian relationships.
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