Ripple USD (RLUSD): What It Is, Uses and Risks

Ripple USD (RLUSD) is a US dollar stablecoin issued by Standard Custody & Trust Company, LLC, a wholly owned subsidiary of Ripple Labs. It is designed to track the value of one US dollar, so one RLUSD is meant to be worth about $1.

According to the project description, each token is backed by at least an equivalent amount of US dollars and other cash equivalents. Public explainers describe the reserves as a mix of dollar deposits and short-term US government treasuries. Ripple presents the coin as built around trust, liquidity and compliance, and it is categorised as a fiat-backed stablecoin.

RLUSD is not a governance token and does not give holders a share in Ripple. It is a payment and settlement instrument, and its value depends on the issuer's ability to honour redemptions rather than on market demand for a speculative asset.

The stated purpose is cross-border payments and giving users access to digital dollars. Ripple's materials say the coin is aimed at financial institutions, enterprises and developers rather than casual retail use alone.

Public descriptions say RLUSD is integrated into Ripple Payments in certain jurisdictions. The uses mentioned include payments, remittances, treasury flows, collateral, and on-ramp and off-ramp services across the Ripple ecosystem. It can also be used like any other dollar stablecoin on crypto markets, for example as a trading pair or a place to hold value between trades.

It is often discussed alongside XRP, but the two have different roles. XRP is a separate asset, while RLUSD is meant to stay near a fixed dollar value. Availability of specific features can vary by country and by platform, so check what your chosen service supports.

RLUSD has no fixed maximum supply, because stablecoins are usually created when users deposit dollars and destroyed when they redeem. The supply therefore follows demand rather than a preset schedule.

As of 2026-11-05, the data shows about 2.61 billion RLUSD in circulation, equal to the total supply, with a market capitalisation of roughly $2.61 billion. That placed it around rank 40 by market cap. Trading volume over 24 hours was about $399.8 million at the time of writing.

The price sits at about $1. The recorded all-time high is about $1.073 on 2024-12-26 and the all-time low about $0.962 on 2024-12-17, both close to the peg. Seven-day and one-year changes are tiny, which is what a stablecoin is supposed to show. There is no staking reward or inflation mechanism built into the token itself.

RLUSD is issued on two networks: the XRP Ledger (XRPL) and Ethereum. The same token can exist on both, and moving between them generally needs a supported bridge, exchange or issuer-approved process instead of a simple transfer.

In general terms, people hold RLUSD in a self-custody wallet that supports the relevant chain, or keep it on an exchange or custodial service. On the XRP Ledger, a wallet usually has to set up a trust line before it can receive an issued token, which is a step that differs from Ethereum. Trading happens on centralised exchanges that list it, on decentralised exchange venues on each chain, and through institutional channels.

Always confirm which network a deposit address belongs to before sending. Sending RLUSD to an address on the wrong chain can result in a permanent loss of funds.

The launch date is not given in the data I have, so I will not state one. What the price record shows is that RLUSD already traded in December 2024, with its lowest and highest prices recorded that month, both within a few percent of $1.

The project description highlights Ripple's decade-plus track record in blockchain payments and its licence portfolio as part of the pitch. I have no verified details on specific partnerships, audits or regulatory approvals beyond what Ripple states, so check the issuer's own disclosures for current reserve attestations and the jurisdictions where it is licensed.

Like all fiat-backed stablecoins, RLUSD carries several risks:

• Issuer and reserve risk: the peg depends on the reserves being real, liquid and accessible. Review published attestation reports.
• Redemption access: direct redemption with the issuer may be limited to approved institutions, so ordinary holders often rely on market liquidity to exit.
• Depeg risk: the price can briefly move away from $1 during stress, as its small historical range shows is possible.
• Regulatory risk: stablecoin rules differ by country and can change, which may affect availability.
• Smart contract and bridge risk: each chain adds its own technical risks.
• Counterparty risk: the issuer is a subsidiary of Ripple, so concerns about the company can influence confidence.
• No deposit insurance: holdings are not bank deposits.

Nothing here is investment advice.

For small amounts, a reputable exchange account with strong security is convenient. For larger holdings, a self-custody wallet gives you control of the keys, but you then carry full responsibility for them.

Use a wallet that supports the specific network you need, either XRPL or Ethereum. A hardware wallet adds protection against malware. Write your recovery phrase on paper, store it offline, and never enter it into a website or share it with support staff.

Test a small transfer first, double-check the network and address, and keep a little of the chain's native currency (XRP or ETH) for transaction fees and, on XRPL, reserve requirements. Beware of fake RLUSD tokens: verify the issuer address or contract before accepting or trading any token, and be wary of unsolicited airdrops and approval requests.