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Ripple

Ripple Just Beat Out Tether’s USDT And Circle’s USDC To Clinch This Title

Scott Matherson
by Scott Matherson
1 month ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ripple’s CEO, Brad Garlinghouse, has highlighted a major achievement by his firm’s RLUSD stablecoin. RLUSD ranked as the most regulated stablecoin, putting it ahead of Tether’s USDT and Circle’s USDC. 

Ripple’s RLUSD Ranks As Number One Over USDT and USDC

In an X post, Brad Garlinghouse noted that amid the “regulatory goodness” with the GENIUS Act signing last week, Ripple’s stablecoin has been ranked as the number one most trusted stablecoin in the market. This was in reference to stablecoin rating agency Bluechip’s latest ranking, which placed RLUSD as number one, above USDT and USDC. 

Related Reading: How Ripple Is Taking On SWIFT To Grab 14% Market Share As XRP Price Surges

In an X post, the agency revealed that the Ripple stablecoin has become the number one-ranked stablecoin and that it is beginning coverage for RLUSD with an initial rating of A. Bluechip further noted that this development reflects their view that RLUSD is one of the safest stablecoins available. 

As for the reasons for the A rating, Bluechip noted that Ripple’s stablecoin is backed by U.S. Treasury bills, money market funds, and bank deposits, assets that present some of the lowest credit and duration risks.  Furthermore, they stated that RLUSD is regulated by the New York Department of Financial Services (NYDFS), which subjects the stablecoin to stringent regulatory standards. 

Furthermore, Ripple’s RLUSD reserves are held by the Bank of New York Mellon, the largest custodian of financial securities in the world. As such, this further boosts the stablecoin’s credibility. Bluechip noted that these RLUSD reserves are held in segregated accounts for the benefit of token holders. That way, these assets are protected even if Ripple were to go bankrupt. 

BlueChip gave the Ripple stablecoin an A rating based on three factors: stability, management, and governance. The stablecoin has a score of 0.91, 0.84, and 0.86, respectively. The assessment based on these scores means that the stablecoin is stable, while the management and governance are “very low risk.”

Where USDT And USDC Rank

Circle’s USDC ranks at eight, way below the Ripple stablecoin. USDC currently boasts a B+ ranking despite being the second-largest stablecoin by market cap. Interestingly, Circle and Ripple have both applied for a national banking license, which would enable them to custody the reserves for their respective stablecoins.

Related Reading: Ripple Leads Billion-Dollar Tokenization Market As Issuance On XRP Ledger Explodes 2,260%

This would also boost the regulatory standing of the RLUSD and USDC stablecoins as they will now be regulated by the Office of the Comptroller of the Currency (OCC). Meanwhile, Tether’s USDT is ranked as 16th on Bluechip’s ranking with a D rating, indicating a lack of confidence in the stablecoin’s regulatory standard. 

USDT has often been criticized for lacking sufficient regulatory oversight, particularly given that it is issued outside the U.S. However, Tether has revealed plans to issue a stablecoin for the U.S. market, which will comply with the GENIUS Act.

XRP
XRP trading at $3.12 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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