Moody’s Assigns Ripple’s RLUSD A2 and P-1 Deposit Ratings

The significance lies less in the rating level than in the fact that a major agency has applied a deposit-style framework to a stablecoin, explicitly pricing issuer-bankruptcy exposure rather than treating reserves as the whole story. That shifts the conversation from attestations to credit assessment, and it gives institutional counterparties a recognizable benchmark for RLUSD specifically. Whether other issuers pursue comparable ratings, and how the bankruptcy-exposure distinction is weighed across tokens, is the open question worth watching.