RLUSD vs XRP: What Ripple's Stablecoin Is and How It Differs
RLUSD is Ripple's dollar stablecoin. XRP is the XRP Ledger's native asset. Who issues each, what backs them, which can be frozen, and how each is used.
Video coming soon.
Key takeaways
- RLUSD is a US dollar stablecoin issued by a Ripple company and designed to stay worth about $1. XRP is the native asset of the XRP Ledger, and its price floats.
- RLUSD is backed by dollar reserves with monthly attestations. XRP has no reserves behind it and no issuer who owes holders anything.
- Ripple can freeze and claw back RLUSD on the XRP Ledger. No one can freeze XRP, according to the XRP Ledger documentation.
- A payment in RLUSD does not require anyone to buy XRP. The two are connected through Ripple and the ledger, but they are different assets.
RLUSD is a US dollar stablecoin issued by a Ripple company and built to stay worth about $1. XRP is the native asset of the XRP Ledger (XRPL), with no issuer, no reserves behind it and a price set by the market.
Both carry the Ripple name in many headlines, so they are easy to blur together. They do different jobs, they carry different risks, and growth in one does not automatically mean demand for the other. This guide sets out the differences side by side.
RLUSD vs XRP at a glance
| Ripple USD (RLUSD) | XRP | |
|---|---|---|
| What it is | US dollar stablecoin | Native asset of the XRP Ledger |
| Issuer | Standard Custody & Trust Company, a Ripple subsidiary | None. All 100 billion XRP were created when the ledger started |
| Price behavior | Designed to stay at $1 | Floats with supply and demand |
| What backs it | Dollar deposits, short-term US Treasuries, government money market funds and cash equivalents | Nothing. No one owes XRP holders dollars |
| Proof | Monthly reserve attestations by an independent accounting firm | Public ledger only |
| Ledgers | XRP Ledger, Ethereum and five others (as of October 2026) | XRP Ledger |
| Can the issuer freeze it? | Yes, on the XRP Ledger, including clawback | No. The XRP Ledger docs say no one can freeze XRP |
| Regulator | NYDFS, under a New York limited purpose trust charter | No issuer to regulate |
| Redemption | At par for US dollars, through Ripple, for eligible approved customers | None. You sell it at the market price |
What is Ripple’s RLUSD stablecoin?
Ripple’s RLUSD is a token that represents one US dollar held in reserve. A stablecoin is a token designed to hold a steady value against a currency. Ripple announced on December 16, 2024 that RLUSD would be available on global exchanges from December 17, 2024.
Ripple’s documentation names the issuer as Standard Custody & Trust Company, LLC. Ripple says the reserves are held in segregated accounts. They are made up of US dollar deposits, Treasury bills with three months or less to maturity, government money market funds and overnight repurchase agreements. Ripple publishes a monthly reserve attestation from an independent accounting firm. Recent reports, as covered in the press, are signed by Deloitte & Touche LLP. In July 2025, Ripple chose BNY as the primary custodian of the reserves.
What is XRP?
XRP is the cryptocurrency built into the XRP Ledger. According to xrpl.org, 100 billion XRP existed when it was created, and Ripple received 80 billion of them in 2012. XRP is not issued by anyone and is not a claim on anyone.
The XRP Ledger uses XRP in three ways. Every transaction destroys a small XRP fee, normally 10 drops (0.00001 XRP), which the docs say is “irrevocably destroyed.” Every account must hold a reserve of XRP. And the ledger’s exchange can route trades between two tokens through XRP as a bridge.
Can RLUSD be frozen when XRP cannot?
Yes. RLUSD can be frozen and clawed back by its issuer, while XRP cannot be frozen by anyone. The XRP Ledger documentation states that “No one can freeze XRP in the XRP Ledger,” because XRP is the native asset and not an issued token.
Tokens issued on the XRP Ledger are different. An issuer can freeze one holder’s balance, freeze all holders at once, or, if it enabled the setting from day one, claw tokens back. Bullrunners queried the RLUSD issuing account (rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De) on a public XRP Ledger server on October 14, 2026. At validated ledger 107643036, it showed:
- Allow trust line clawback: true
- No Freeze: false (Ripple has not given up the power to freeze)
- Global freeze: false (no one is frozen as a group today)
This matches what US law expects. The GENIUS Act requires a payment stablecoin issuer to be able to comply with lawful orders to freeze or seize coins. RLUSD’s freeze and clawback settings are covered in detail, and so is why XRP cannot be frozen while stablecoins can.
One limit applies to XRP too. XRP held on an exchange sits in the exchange’s account, and the exchange can pause withdrawals.
Who regulates RLUSD, and who regulates XRP?
The New York State Department of Financial Services (NYDFS) supervises RLUSD’s issuer. Ripple launched RLUSD in December 2024 through Standard Custody & Trust Company, which holds a New York limited purpose trust charter. In June 2025, the Dubai Financial Services Authority (DFSA) recognized RLUSD as a crypto token for use in the Dubai International Financial Centre.
Ripple has also applied for a federal charter. In December 2025, the Office of the Comptroller of the Currency gave Ripple National Trust Bank preliminary conditional approval. That approval is not final, as explained in what Ripple’s trust bank charter does and does not do.
XRP has no issuer, so there is no stablecoin regulator for it. Exchanges and funds that handle XRP are regulated in their own right.
How are RLUSD and XRP used in payments?
Ripple uses both RLUSD and XRP in Ripple Payments, its cross-border payments service, but in different roles. On April 2, 2025, Ripple said it had enabled RLUSD for cross-border payments with select customers, naming BKK Forex and iSend. That announcement does not mention XRP.
XRP’s payment role is as a bridge asset: a sender converts local money into XRP, the XRP moves in seconds, and the receiver converts it into another currency. As of October 2026, Ripple’s cross-border payments page describes settling in “a digital asset such as XRP,” as well as in RLUSD, other stablecoins or fiat.
The practical point for holders: a payment settled in RLUSD does not require anyone to buy XRP. Where XRP fits as RLUSD grows looks at that question in more depth.
Checklist before you hold RLUSD on the XRP Ledger
- Use a self-custody XRP Ledger wallet that you control. An exchange balance is the exchange’s record, not a ledger account.
- Open a trust line only to the real issuer. Compare the issuer address character for character with the one Ripple publishes on its own site.
- Know the reserve. Each trust line locks 0.2 XRP, which you get back when you close it.
- Remember the freeze difference. RLUSD can be frozen or clawed back by its issuer. XRP cannot.
- Send a small test transaction first and confirm it arrives before moving more.
What to check next
Ripple publishes RLUSD’s monthly attestation reports on its transparency page. Check them for the latest reserve totals. The OCC’s website will show whether Ripple’s trust bank charter moves from conditional to final approval. And before opening any RLUSD trust line, look up the issuer account’s settings yourself, because they can be read by anyone on the public ledger.
Sources
Sources
- RLUSD Approved by the Dubai Financial Services Authority as Recognised Crypto Token, Ripple
- RLUSD: The USD Stablecoin for Institutions, Ripple
- What is XRP and Why Is It Valuable?, XRP Ledger Foundation (xrpl.org)
- Freezing Tokens, XRP Ledger Foundation (xrpl.org)
Frequently asked questions
Is RLUSD the same as XRP?
No. RLUSD is a dollar stablecoin issued by Standard Custody & Trust Company, a Ripple subsidiary. XRP is the native asset of the XRP Ledger, with no issuer and a price set by the market.
Who regulates Ripple's RLUSD stablecoin?
RLUSD is issued under a New York limited purpose trust company charter supervised by the New York State Department of Financial Services (NYDFS). In June 2025, the Dubai Financial Services Authority (DFSA) recognized RLUSD as a crypto token for use in the Dubai International Financial Centre (DIFC).
Can Ripple freeze my RLUSD?
Ripple has that capability on the XRP Ledger. A query of the RLUSD issuing account on October 14, 2026 showed clawback enabled and the permanent No Freeze setting not used. There was no global freeze in place.
Can XRP be frozen like a stablecoin?
No. The XRP Ledger documentation states that no one can freeze XRP, because XRP is the ledger's native asset and not an issued token. An exchange can still freeze an account it controls.
Does RLUSD use XRP?
Not directly. RLUSD moves as its own token, and Ripple's April 2025 announcement of RLUSD in Ripple Payments does not mention XRP. Every XRP Ledger transaction, including an RLUSD transfer, destroys a tiny XRP fee.
What blockchains is RLUSD on?
As of October 2026, Ripple's website lists seven: the XRP Ledger, Ethereum, Base, Optimism, Ink, Unichain and the XRPL EVM Sidechain. RLUSD launched on the XRP Ledger and Ethereum.
Education and commentary only, not financial advice. Crypto is volatile and you can lose money. Do your own research and speak to a qualified advisor before making investment decisions. Figures are as of October 30, 2026 and may have changed since.
