Ripple’s RLUSD Stablecoin Requires Approved Customer Status for Direct Redemption

The distinction matters because it splits RLUSD holders into two tiers: those with an approved issuer relationship who can redeem directly at par, and everyone else, who depends on exchange liquidity or Earn terms instead. That makes secondary-market access and lending-product exposure carry a structural difference in exit options, not just a cosmetic one. For RWA and stablecoin markets, the open question is whether this gated redemption model becomes a template or remains an outlier as tokenized-dollar competition intensifies.