Ripple USD

Ripple spent years moving money across borders with XRP before it decided the market wanted a plain dollar token, and RLUSD is the result. Issued by Standard Custody and Trust Company, a Ripple subsidiary holding a New York trust charter, it is backed one-for-one by cash and short-term US Treasuries in segregated accounts, with monthly reserve attestations. Direct redemption at par is an institutional privilege: enterprises must sign the RLUSD customer agreement and clear bank-grade KYC before they can mint or cash out with the issuer, while everyone else buys and sells on the open market. RLUSD lives natively on both Ethereum and the XRP Ledger, and it has grown quickly, passing a billion dollars in circulation within its first year under one of the strictest US regulatory regimes a stablecoin can operate in.