Main Points:
- Bluechip assigns RLUSD an inaugural “A” rating, ranking it highest among stablecoins.
- BNY Mellon acts as custodian for RLUSD reserves, securing $56 trillion in AUC.
- Public transparency through on-chain reserve verification enhances RLUSD’s risk profile.
- RLUSD becomes one of the first major stablecoins to enter the EU market via Luxembourg registration.
- Recent listing on PDAX and partnership with OpenPayd drive utility and liquidity.
- Market cap remains modest at $530 million but shows strong growth trends.
- Strategic compliance under NY DFS Trust Charter and robust governance underpin future outlook.
Bluechip Awards Top “A” Rating to RLUSD
In mid-July 2025, leading crypto rating agency Bluechip initiated its coverage of Ripple’s US dollar–backed stablecoin, RLUSD, conferring the highest possible “A” rating. This inaugural assessment places RLUSD at the top of Bluechip’s leaderboard, surpassing incumbent stablecoins USDC and USDT in perceived reliability. According to Bluechip’s criteria, RLUSD achieved a stability score of 0.91, a governance score of 0.86, and a management score of 0.84, all within the “very low risk” bracket. Ripple CEO Brad Garlinghouse celebrated the recognition on X, emphasizing that this rating underscores RLUSD’s institutional-grade design and market confidence.
Institutional Custody by BNY Mellon
A pivotal factor in RLUSD’s “A” rating is the custody arrangement of its reserve assets. Bluechip highlighted that BNY Mellon—one of the world’s largest financial securities custodians, overseeing $56 trillion in assets—manages RLUSD’s dollar reserves. This partnership not only ensures that reserves are held in a globally recognized custodian but also delivers robust legal protections to token holders. Notably, Circle’s USDC similarly uses BNY Mellon, affirming the custodian’s reputation for institutional security.
Transparency and Risk Profile
Bluechip’s rating report underlined RLUSD’s superior transparency relative to USDT, noting that RLUSD provides publicly verifiable reserves and clear custodian relationships. On-chain auditing mechanisms allow stakeholders to independently verify collateral levels, minimizing concerns over undisclosed or illiquid assets. Additionally, RLUSD’s enterprise-grade architecture yields a lower risk profile through standardized compliance controls and rigorous operational governance.
European Market Entry
Distinct from most stablecoins, RLUSD leveraged Ripple’s Luxembourg registration to gain entry into the European market. As one of the first prominent stablecoins to do so, RLUSD benefits from a legal framework recognized across EU member states. This strategic move not only expands RLUSD’s geographic reach but also aligns with Ripple’s broader vision of a global digital liquidity network.
Recent Utilization and Market Growth
In the past week, RLUSD saw a surge in utility and market activity. The token was listed on PDAX, the Philippines-based exchange licensed by the Bangko Sentral ng Pilipinas, enhancing regional accessibility. Concurrently, Ripple partnered with OpenPayd to streamline direct minting and burning processes, further improving liquidity efficiency. A recent minting cycle released 25 million RLUSD on July 23, following two prior releases of 5 million tokens each on July 18 and 21. These developments have contributed to RLUSD’s market cap climbing to approximately $530 million.
Market Cap Comparison
Despite its top rating, RLUSD’s market capitalization remains modest compared to industry leaders. As of early August 2025:
- USDT: $1,600 billion
- USDC: $645 billion
- RLUSD: $5.3 billion
[Insert Figure 1 here: Market Cap Comparison of USDT, USDC, RLUSD]
[Insert Figure 2 here: Market Share Distribution among USDT, USDC, RLUSD]
Strategic Partnerships and Regulatory Compliance
Future Outlook
RLUSD’s ascension to Bluechip’s top rating marks a milestone in the stablecoin landscape, signaling a shift toward institutional-grade assets that prioritize transparency and regulatory alignment. While market share growth remains a challenge, Ripple’s strategic partnerships, regulatory permissions, and technical enhancements position RLUSD for steady expansion. As competing stablecoin issuers reassess their governance frameworks in response, RLUSD may continue to set new benchmarks for market trust and utility.
Conclusion
Ripple’s RLUSD stablecoin has made a compelling entry into the market by securing Bluechip’s inaugural “A” rating, a testament to its strong custodial backing, transparent reserve management, and robust governance. Through partnerships with BNY Mellon and OpenPayd, regulatory compliance under NY DFS, and targeted market strategies in Europe and Southeast Asia, RLUSD stands poised to challenge established players. Although RLUSD’s market cap is currently dwarfed by USDT and USDC, its trajectory suggests growing adoption among institutions seeking a secure and transparent dollar-pegged asset. As the stablecoin sector evolves, RLUSD’s model may become the industry benchmark for trust, compliance, and technical excellence.
