Ripple USD (RLUSD) Review
Dual regulatory approval with a named custodian
of 10
RLUSD is issued through a limited-purpose trust chartered by NYDFS, with additional approval from the Dubai Financial Services Authority, backed one-to-one by cash, US Treasuries and cash equivalents, and custodied primarily by BNY since July 2025.
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Issuer
Limited purpose trust chartered by NYDFS
Regulators
NYDFS; also approved by the Dubai Financial Services Authority
Backing
1:1 cash deposits, US Treasuries and cash equivalents
Custodian
The Bank of New York Mellon, primary custody since July 2025
Attestation
Monthly, third-party
Scores
Each criterion carries equal weight. The overall score is the average of these 5 scores — (9.0 + 10.0 + 7.0 + 9.0 + 9.0) ÷ 5 = 8.8.
Pros
- Issued through an NYDFS-chartered limited purpose trust
- Additional approval from the Dubai Financial Services Authority
- BNY named as primary custodian of reserves since July 2025
- Monthly third-party attestations of reserve assets
Cons
- Retail redemption terms are not set out on the page we checked
- Younger than most issuers here, with a shorter public track record
- The attesting firm is not named on this page
Two regulators, both named
RLUSD is issued through a limited-purpose trust chartered by the New York State Department of Financial Services, and Ripple states it also holds approval from the Dubai Financial Services Authority. Dual supervision across two jurisdictions is unusual in this category and is the strongest part of the proposition.
Custody at a systemically important bank
Ripple states BNY was selected in July 2025 for primary custody of reserves. Naming the custodian matters: it is the difference between a claim that reserves exist and a party that can be asked about them.
What is not stated
The attesting firm is not identified on this page, and retail redemption terms are not set out. Both are documented by several competitors here, so the gap costs points rather than being excused.
How it compares
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Synthetic dollar, and says so
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Tether (USDT)
The largest supply, the thinnest disclosure cadence
First Digital USD (FDUSD)
Bankruptcy-segregated reserves in a Hong Kong trust
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Supervised in Singapore and under MiCA in Europe
PayPal USD (PYUSD)
Regulated issuer behind a consumer brand
Pax Dollar (USDP)
Cash-only reserves with unconditional redemption
USD Coin (USDC)
Instrument-level reserve disclosure
Gemini Dollar (GUSD)
Named auditor, named regulator, named custodians
Sources
Scored from published primary sources rather than hands-on use. Every figure above comes from one of the pages below, on the date shown. Manufacturers change prices and specifications without notice — if something here no longer matches the source, tell us and we will correct it.
- 1.Ripple — stablecoin (RLUSD) official page — checked
Frequently asked questions
Who regulates RLUSD?
Ripple states RLUSD is issued through a limited purpose trust chartered by the New York Department of Financial Services, with additional approval from the Dubai Financial Services Authority.
Where are RLUSD reserves held?
Ripple states it selected The Bank of New York Mellon in July 2025 for the primary custody of RLUSD reserves.
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