# Ripple Stablecoin Issuer — Licences, Reserves & Compliance Score | StableRadar

> Ripple: stablecoin issuer profile with licences checked against regulator registers, reserves, attestations, official partners and Regulatory Compliance Score.

Canonical: https://stableradar.com/issuer/ripple
Generated: 2026-10-26T08:34:12.704Z (live figures are a snapshot at build time; see the canonical page for current values)

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**In short:** Ripple issues RLUSD (issuing entity: Standard Custody & Trust Company, LLC (RLUSD issuer, Ripple subsidiary); parent Ripple Labs Inc. (Delaware)). Headquarters: San Francisco, US. Status: Active. Licences on record: 8 (5 authorised; 4 confirmed on a regulator's official public register). Reserve reports: monthly (Deloitte & Touche LLP). Reference data as of 2026-10-26.

# Ripple PRIORITY 4 Verified
Standard Custody & Trust Company, LLC (RLUSD issuer, Ripple subsidiary); parent Ripple Labs Inc. (Delaware)

Status Active

Verification Verified

Coverage Full

Licences **5 / 8**

SRS **81**

Profile as of **2026-10-26**

Open the dedicated RLUSD stablecoin page →

Regulatory Compliance Score

Weighted from public, sourced inputs · 94% of inputs available

Not legal advice; algorithmic assessment from public sources.

RLUSD peg · 7 days

Pins: computed 7d high/low. No reference events dated within this window.

Peg deviation (live)

+2.2 bps

Supply 30d → now (DefiLlama)

$2.47B

24h volume (CoinGecko)

$381.6M

Chains with supply

### Company
- HQ **San Francisco, US**

- Founded **2012 (Ripple Labs); RLUSD launched Dec 2024**

- Leadership **Brad Garlinghouse (CEO, Ripple); Jack McDonald (SVP Stablecoins / CEO Standard Custody)**

- Model **Fiat-backed (USD)**

- Website **ripple.com ↗**

### Products & supply LIVE
- RLUSD **$2.48B · 2.2 bps**

- Total (CoinGecko) **$2.48B**

30d ago

$2.49B

7d ago

$2.42B

1d ago

$2.47B

now

$2.47B

### Distribution
Ethereum

$1.51B

61.1%

XRPL

$962.8M

38.9%

Supply by chain · DefiLlama (live)

### Products REFERENCE · issuer official site · as of 2026-10-26
- **RLUSD**NYDFS-supervised USD stablecoin for institutions [ripple.com ↗](https://ripple.com/products/stablecoin/)[source · 2026-10-26](https://ripple.com/)

- **Payments**Move money across stablecoins, crypto and local currencies [ripple.com ↗](https://ripple.com/products/cross-border-payments/)[source · 2026-10-26](https://ripple.com/)

- **Custody**Store and manage digital assets with institutional governance [ripple.com ↗](https://ripple.com/products/custody/)[source · 2026-10-26](https://ripple.com/)

- **Prime Brokerage (Ripple Prime)**Multi-asset clearing, cross-margining and financing [ripple.com ↗](https://ripple.com/products/prime-brokerage/)[source · 2026-10-26](https://ripple.com/)

- **Treasury**Cash visibility, forecasting and risk management (powered by GTreasury) [ripple.com ↗](https://ripple.com/products/treasury-management/)[source · 2026-10-26](https://ripple.com/)

- **Tokenization**Real-world assets onchain via Ripple custody and the XRP Ledger [ripple.com ↗](https://ripple.com/products/tokenization/)[source · 2026-10-26](https://ripple.com/)

### Official partners (62) REFERENCE · issuer official site · as of 2026-10-26
- **Revolut**Listed on Ripple’s “Where to find RLUSD” page (Banks and Fintechs) [revolut.com ↗](https://www.revolut.com/)[source · 2026-10-26](https://ripple.com/products/stablecoin/availability/)

- **iTrust**Listed on Ripple’s “Where to find RLUSD” page (Banks and Fintechs) [itrustcapital.com ↗](https://www.itrustcapital.com/)[source · 2026-10-26](https://ripple.com/products/stablecoin/availability/)

- **BNY**Primary custodian of RLUSD reserves (selected Jul 2025) [bny.com ↗](https://www.bny.com/)[source · 2026-10-26](https://ripple.com/products/stablecoin/)

- **LMAX Group**Custody partner quoted on RLUSD page [lmax.com ↗](https://www.lmax.com/)[source · 2026-10-26](https://ripple.com/products/stablecoin/)

Listed by the issuer itself; listing ≠ endorsement.

### Licences & authorisations worldwide (8 · 4 ✓ verified on register) REFERENCE · regulator registers / issuer disclosures · as of 2026-10-26
| Jurisdiction | Regulator | Licence / status detail | Date | Status | Evidence |
| --- | --- | --- | --- | --- | --- |
| **US-NY** | NYDFS | Limited Purpose Trust Charter — Standard Custody & Trust Company, LLC (NYDFS regulated-entities list) | 2021-05 (RLUSD approved Dec 2024) | Authorized | [Verified](https://www.dfs.ny.gov/virtual_currency_businesses) |
| **US-NY** | NYDFS | Virtual Currency License — Ripple Markets DE LLC (f/k/a XRP II LLC) | 2016-06 | Authorized | [Verified](https://www.dfs.ny.gov/virtual_currency_businesses) |
| **US** | OCC | National trust bank (Ripple National Trust Bank) — preliminary conditional approval only | 12 Dec 2025 | Pending | [Reported](https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/ca1359.pdf) |
| **US** | OCC / Treasury | GENIUS Act payment-stablecoin regime | Enacted 18 Jul 2025 | Not Yet Effective | [Reported](https://www.congress.gov/bill/119th-congress/senate-bill/1582) |
| **AE-DIFC** | DFSA | Recognised Crypto Token (RLUSD) | 3 Jun 2025 | Authorized | [Reported](https://ripple.com/ripple-press/rlusd-stablecoin-dfsa-approval/) |
| **AE-ADGM** | FSRA (ADGM) | Accepted Fiat-Referenced Token (RLUSD on Ethereum & XRPL) | 27 Nov 2025 | Authorized | [Reported](https://ripple.com/ripple-press/rlusd-recognized-as-accepted-fiat-referenced-token-for-use-within-abu-dhabis-adgm/) |
| **JP** | FSA / Kanto Finance Bureau | RLUSD handled by SBI VC Trade (registered Electronic Payment Instruments Exchange Service Provider No. 00001) | list as of 27 Aug 2026 | Authorized | [Verified](https://www.fsa.go.jp/en/regulated/licensed/denshikessaisyudan.pdf) |
| **HK** | HKMA | HKMA licensed stablecoin issuer | checked 2026-10-26 | Not on HKMA register | [Verified](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) |

### Reserves, custody & attestation
- Assurance **Attested monthly by an independent US CPA firm (latest reports: Deloitte & Touche LLP; earlier: BPM LLP), per NYDFS June 2022 guidance**

- Audit / attestation firm **Deloitte & Touche LLP**

- Frequency **Monthly**

- Composition (per issuer) **Cash deposits, government money-market funds, short-term US T-bills, overnight reverse repo (per docs.ripple.com; Deloitte named in Feb–Mar 2026 reports)**

- Custodians **BNY Mellon (reserve custodian, per Ripple)**

- Latest disclosed **Circulating $2,382.8M vs reserves $2,528.0M as of 22 Oct 2026 (Ripple transparency page)**

- Evidence **report ↗**

### Redemption terms
Redemption at par for eligible institutional customers with SLAs (NYDFS requirement); see RLUSD Stablecoin User Terms

### Controls: freeze / clawback / admin
- freeze **XRPL: individual + global freeze capability (live flags); ETH: pause/freeze roles**

- clawback **XRPL: lsfAllowTrustLineClawback enabled (live)**

- multisig **XRPL: master key disabled (live)**

- upgrade **ETH: upgradeable proxy — check explorer**

### Frozen / blacklisted / seized
No public freeze/blacklist statistics found.

XRPL clawback / freeze executions (recent issuer txs)

0 in last 40 issuer transactions

### Public markets & listed products (12) REFERENCE · sponsor / exchange / SEC & CFTC filings · as of 2026-10-26
| Ticker | Product | Sponsor | Exchange | Launch | Type | Status | Source |
| --- | --- | --- | --- | --- | --- | --- | --- |
| **XXRP** | Teucrium 2x Long Daily XRP ETF | Teucrium | NYSE Arca | 2025-04-08 | 2x leveraged ETF (1940 Act) | Listed | [source ↗](https://www.sec.gov/Archives/edgar/data/1683471/000114336225000105/XXRP040725.pdf) |
| **XRPR** | REX-Osprey XRP ETF | REX-Osprey | Cboe | 2025-09-18 | Spot (1940 Act; majority spot XRP) | Listed | [source ↗](https://www.cboe.com/us/equities/notices/new_listings/details/?etf=true&firm_name=REX-Osprey+ETFs&first_trade_dt=2025-09-18&ipo=true&symbols=DOJE%2CXRPR) |
| **XRPC** | Canary XRP ETF | Canary Capital | Nasdaq | 2025-11-13 | Spot | Listed | [source ↗](https://nasdaqtrader.com/TraderNews.aspx?id=ETP2025-189) |
| **XRP** | Bitwise XRP ETF | Bitwise | NYSE | 2025-11-20 | Spot | Listed | [source ↗](https://bitwiseinvestments.com/newsroom/bitwise-xrp-etf-ticker-xrp-launches-on-nyse) |
| **GXRP** | Grayscale XRP Trust ETF | Grayscale | NYSE Arca | 2025-11-24 | Spot ETP (not 1940 Act) | Listed | [source ↗](https://www.nasdaq.com/press-release/grayscale-investments-launches-grayscale-xrp-trust-etf-ticker-gxrp-nyse-arca-2025-11) |
| **XRPZ** | Franklin XRP ETF | Franklin Templeton | NYSE Arca | 2025-11-24 | Spot (grantor trust) | Listed | [source ↗](https://www.franklintempleton.com/press-releases/news-room/2025/franklin-templeton-launches-franklin-xrp-etf-xrpz) |
| **TOXR** | 21Shares XRP ETF | 21Shares | Cboe BZX | 2025-12-11 | Spot (not 1940 Act) | Listed | [source ↗](https://www.21shares.com/en-us/products-us/toxr) |
| **UXRP** | ProShares Ultra XRP | ProShares | — | — | 2x leveraged ETF | Listed (product page) | [source ↗](https://www.proshares.com/our-etfs/leveraged-and-inverse/uxrp) |
| **XRPI** | Volatility Shares XRP ETF | Volatility Shares | — | — | — | Listed (product page) | [source ↗](https://www.volatilityshares.com/etfs/xrpi) |
| **XRPT** | Volatility Shares 2x XRP ETF | Volatility Shares | — | — | 2x leveraged ETF | Listed (product page) | [source ↗](https://www.volatilityshares.com/etfs/xrpt) |
| **XRP / MXP** | CME XRP Futures & Micro XRP Futures | CME Group | CME Globex | 2025-05-19 | Cash-settled futures (50,000 / 2,500 XRP) | Listed | [source ↗](https://www.cftc.gov/filings/ptc/ptc04302520085.pdf) |
| **XRPN** | Evernorth Holdings, Inc. (Class A) | Evernorth (Ripple among investors) | Nasdaq Global Market | 2026-10-12 | Public company — XRP treasury | Listed | [source ↗](https://www.nasdaqtrader.com/TraderNews.aspx?id=ECA2026-726) |

Ripple Labs itself is privately held. WisdomTree: no launched US spot XRP ETF found on official sources. Bitwise also lists a European Physical XRP ETP (per its newsroom). Dates/exchanges “—” = not shown on the official page we could read. Not investment advice.

### Government & public sector partnerships (6) REFERENCE · issuer newsroom / official government sites · as of 2026-10-26
- **🇧🇹 Royal Monetary Authority of Bhutan****Digital Ngultrum CBDC pilot** — Pilot of retail, cross-border and wholesale CBDC use cases on Ripple’s CBDC Private Ledger Pilot 2021-09-22 [official source ↗](https://ripple.com/ripple-press/royal-monetary-authority-of-bhutan-ripple-partner-to-pilot-cbdc-using-private-blockchain/)

- **🇲🇪 Central Bank of Montenegro (CBCG)****Digital currency strategy & pilot** — Agreement to develop a CBDC or national stablecoin strategy and pilot MoU 2023-04-11 [official source ↗](https://www.cbcg.me/en/public-relations/news/press-releases/central-bank-of-montenegro-signs-agreement-with-ripple-to-develop-a-digital-currency-strategy-and-pilot)

- **🇭🇰 Hong Kong Monetary Authority (HKMA)****e-HKD Pilot Programme (with Fubon Bank)** — Real-estate tokenization use case with e-HKD on Ripple CBDC Platform Pilot 2023-05-18 [official source ↗](https://ripple.com/ripple-press/ripple-to-showcase-real-estate-asset-tokenization-solution-as-part-of-the-hong-kong-monetary-authoritys-inaugural-e-hkd-pilot-programme/)

- **🇨🇴 Banco de la República & MinTIC****High-value payments blockchain pilot** — Pilot of high-value payment use cases on Ripple CBDC Platform (with Peersyst), through end-2023 Pilot 2023-06-15 [official source ↗](https://ripple.com/ripple-press/ripple-and-peersyst-partner-with-colombias-banco-de-la-republica-in-advancing-the-implementation-and-utilization-of-blockchain-technology)

- **🇵🇼 Ministry of Finance, Republic of Palau****Palau Stablecoin (PSC) pilot** — USD-backed PSC on XRPL; Phase 1 with ~200 government employees and local merchants Pilot 2023-07-27 [official source ↗](https://ripple.com/ripple-press/republic-of-palau-launches-us-dollar-backed-palau-stablecoin-in-the-next-phase-of-collaboration-with-ripple-on-the-xrp-ledger/)

- **🇬🇪 National Bank of Georgia****Digital Lari (GEL) CBDC pilot** — Ripple selected as single technology partner for the Digital Lari pilot Pilot 2023-11-02 [official source ↗](https://ripple.com/ripple-press/national-bank-of-georgia-selects-ripple-as-key-partner-for-digital-lari-pilot-project/)

### Government & law-enforcement cooperation
- **XRPL freeze/clawback**Issuer can freeze trust lines and claw back RLUSD on XRPL; no public law-enforcement freeze statistics published [source ↗](https://xrpl.org/docs/concepts/tokens/fungible-tokens/clawing-back-tokens)

### Regulatory actions & enforcement history
Resolved

SEC v. Ripple Labs (XRP institutional sales; not RLUSD) — $125M civil penalty ordered Aug 2024; case concluded 2025 (date/details: verify)

### AI-agent payments
- **x402 on XRPL** · 2026RippleX: x402 support lets agents transact with XRP and RLUSD; Ripple is premier member of x402 Foundation (Linux Foundation) [source ↗](https://x402.org/linux-foundation-announces-operational-launch-of-x402-foundation-to-standardize-internet-native-payments-for-ai-agents-and-applications/)

- **Mastercard Agent Pay for Machines** · Jun 2026RLUSD listed among supported stablecoins; RippleX a launch partner [source ↗](https://www.coininsider.com/news/mastercard-backs-multiple-stablecoins-as-ai-agents-become-h2-priority/)

### Partners
Standard Custody & Trust (issuer)

BNY Mellon (reserve custody)

Bpm LLP (attestation)

Reference fields compiled 2026-10-26 from linked sources. Items marked “verify” or “per issuer” are not independently confirmed. Not legal or investment advice.

Last updated: 2026-10-26 08:33 UTC (live data) · reference data as of 2026-10-26 · Sources: Regulator public registers & issuer disclosures (linked per item), [CoinGecko](https://www.coingecko.com/), [DefiLlama](https://defillama.com/stablecoins)