Ripple’s RLUSD Wins Moody’s Rating as XRP Faces a Bigger Question: Who Captures the Value?

Ripple’s RLUSD just secured a major institutional credibility boost, earning Moody’s A2 long-term deposit rating and its highest P-1 short-term rating. The assessment covers RLUSD issued on XRP Ledger and Ethereum, giving institutions another benchmark for evaluating the dollar-pegged stablecoin. The rating arrives alongside Ripple’s final approval to establish a national trust bank under the Office of the Comptroller of the Currency (OCC). Ripple says the bank will manage RLUSD reserves and provide institutional custody services, while Bank of New York Mellon remains the stablecoin’s primary reserve custodian. But the bigger question concerns XRP and its holders. If RLUSD becomes a major institutional settlement asset, can XRP capture value from that growth? Binance’s historical BUSD and BNB ecosystem offers an interesting comparison, although Ripple’s model works differently.

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