Moody's gives Ripple's RLUSD stablecoin investment-grade rating, XRP holders question value capture

Moody's assigned Ripple's RLUSD an A2 long-term and P-1 short-term investment-grade rating on October 28, 2026, covering the stablecoin on the XRP Ledger and Ethereum. Reserves are held mostly in short-term U.S. government assets and cash at BNY, with a 103% reserve coverage target. Ripple's SVP Jack McDonald called it the first stablecoin with a Moody's investment-grade rating. Following Ripple's OCC approval for Ripple National Trust Bank and partnerships with Robinhood and Coinbase, RLUSD is now available on major platforms serving millions of users. However, the rating does not imply a tenfold rise in XRP price; XRP's value depends on its role as a bridge asset for cross-currency payments, requiring deeper liquidity and more institutional trading.