Ripple's RLUSD stablecoin has been assigned a long-term credit rating of A2 and a short-term rating of P-1 by Moody's Investors Service, marking the first time a native payment token has received an investment-grade assessment from a "Big Three" agency. The P-1 rating is Moody's highest short-term liquidity score, equating RLUSD's redemption reliability with stable commercial banks' short-term obligations. Moody's based the high ratings on Ripple's strict collateral structure and operational standards within the U.S. jurisdiction. This follows Ripple's recent approval from the U.S. Office of the Comptroller of the Currency (OCC) on October 26 to launch Ripple National Trust Bank, which will act as trustee for the stablecoin's reserves. Moody's analysts noted the token issuer's legal vulnerability, as it is not isolated from the parent Ripple group's bankruptcy risks, and end holders have no direct claim on the assets held at BNY Mellon, which could suspend redemption if operations are frozen.