Bluechip has classified the Ripple-issued RLUSD stablecoin as the most trusted in market. RLUSD earned an A rating by the rating agency due to its safe reserves custody with the BNY Mellon, robust compliance system, and institutional minting capacity. This marks the first time a new stablecoin has topped both USDT and USDC in Bluechip’s rankings.
Bluechip Rates RLUSD Stablecoin as Industry Benchmark, Citing Robust Reserve Structure
The new rating is available on the company’s website. Bluechip confirmed that it is beginning official coverage of the RLUSD stablecoin.
It described the stablecoin as the new benchmark for trust and compliance in the industry. The ranking highlights the growing strength of Ripple’s stablecoin strategy, especially among institutional users.
According to the rating agency’s X post, a key factor in RLUSD’s rating is its reserve structure. The Bank of New York Mellon keeps RLUSD stablecoin reserves, being the largest custodian of financial securities worldwide.
The bank is also considered as a systemically important financial organization in the United States. The segregated accounts are used to store the reserves and all the claims if there’s an occurrence of a Ripple bankruptcy.
Bluechip emphasized that this structure offers strong protection for token holders and sets RLUSD apart from other stablecoins. The RLUSD stablecoin is among the first prominent blockchain-backed stablecoins entering Europe via Luxembourg under MiCA.
Ripple’s Stablecoin Gains Praise for Enterprise Focus and Transparency
In response to Bluechip’s new rankings, Ripple stated in an X post that the RLUSD stablecoin is built specifically for enterprise use. It focuses on compliance, global scale, and robust security.
Ripple also said the stablecoin is designed to meet the growing demand for reliable blockchain settlement tools among large corporations. Ripple thanked the agency for the recognition. It described the rating as an acknowledgment of its stablecoin as the market’s most trusted one.
Analysts see this as a sign that Ripple is gaining ground in the stablecoin market once dominated by USDC and USDT. This development follows a recent clarification by John Deaton.
Deaton stated that Ripple’s RLUSD stablecoin is a more direct competitor with the USDC stablecoin than XRP. In addition, RLUSD stablecoin operation eliminates any transparency concerns, directly by publicizing its reserve holdings and custodian relationships.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
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