Moody's Ratings has assigned an A2 long-term deposit rating and a P-1 short-term deposit rating to RLUSD, a USD-backed stablecoin issued by Ripple's subsidiary, Standard Custody & Trust Company. The agency stated that the ratings reflect the quality of RLUSD's reserves, which primarily consist of U.S. Treasury bills, other short-term U.S. government assets, and cash. Moody's also noted that Standard Custody is not a bankruptcy-remote entity, and RLUSD holders currently do not have direct ownership of the reserves. This rating follows the approval by the Office of the Comptroller of the Currency (OCC) for Ripple to establish Ripple National Trust Bank, which will manage RLUSD's reserves and act as the collateral trustee. RLUSD currently has a market capitalization of approximately $2.6 billion.