Moody’s Rates RLUSD as Coinbase Adds Three-Network Access

Moody’s Ratings assigned Ripple’s RLUSD stablecoin an A2 long-term deposit rating and a P1 short-term deposit rating, as Coinbase made the token available across its retail and institutional platforms and supported transfers on three blockchain networks. The ratings apply to RLUSD issued by Standard Custody Trust Company on the XRP Ledger and Ethereum. Moody’s assessed the quality and liquidity of reserves, redemption arrangements, custody, regulatory oversight and operational controls. A2 is an investment-grade rating, while P1 is the agency’s highest short-term rating under its stablecoin methodology. Coinbase customers can trade and manage RLUSD through the Coinbase app, Coinbase Exchange and Coinbase Prime. Deposits and withdrawals are supported on the XRP Ledger, Ethereum and Base. The companies also said customers can convert U.S. dollars and other supported dollar-backed stablecoins into RLUSD at a one-to-one rate. Moody’s assessment says eligible institutional holders can redeem RLUSD at face value within two full business days after submitting a compliant request. The agency also identified legal limitations: holders do not have direct ownership of reserve assets, and...