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RLUSD vs USDC
USDT vs RLUSD
RLUSD
After years of fighting the SEC over XRP, Ripple obtained a NYDFS trust charter and launched a stablecoin with reserves that are 100% very-low-risk — T-bills, government money market funds, and cash — split evenly across asset types with BPM LLP attestations. The B safety grade reflects a clean balance sheet dragged down by the same D in decentralization that plagues every centralized issuer, but the 54 depeg events including one that hit 636 basis points reveal a rougher early history than the current steady peg suggests. RLUSD lives on just two chains — Ethereum and Ripple's own XRPL — a deliberate choice that prioritizes Ripple's cross-border payments corridor over DeFi ubiquity. The strategic question is whether a stablecoin designed for institutional settlement can compete for on-chain liquidity against issuers who have a five-year head start.
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