Audit log

Every state-changing event for Ripple USD (RLUSD): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-07-22 04:49:48Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"b27480f7-c442-4be5-b018-f74d8851d9c2","kind":"publish","page_slug":"ripple-usd-rlusd","published_at":"2026-07-22T04:49:48.032Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Ripple USD (RLUSD)","sections":[{"content":"RLUSD is a fiat-collateralized stablecoin designed to maintain a 1:1 peg to the U.S. dollar. It is issued by Standard Custody & Trust Company, LLC, a limited-purpose trust company wholly owned by Ripple Labs. Ripple acquired Standard Custody & Trust Company in June 2024 to establish a regulated issuance vehicle. The token is natively minted on both the XRP Ledger and Ethereum (as an ERC-20), with cross-chain expansion to over 40 networks using Wormhole's Native Token Transfers (NTT) standard. RLUSD is positioned primarily for institutional payments, cross-border settlement, and real-world asset tokenization use cases.","heading":"Overview and Issuer","severity":"low","sources":[{"credibility":2,"name":"What Is RLUSD? Ripple's XRP-Native Stablecoin Explained - The Block","type":"news_article","url":"https://www.theblock.co/learn/408170/what-is-rlusd"},{"credibility":1,"name":"Ripple USD Stablecoin - Ripple Official","type":"official","url":"https://ripple.com/solutions/stablecoin/"}]},{"content":"RLUSD received final approval from the New York Department of Financial Services (NYDFS) on December 10, 2024, as announced by Ripple CEO Brad Garlinghouse. The stablecoin operates under the NYDFS's guidance on U.S. dollar-backed stablecoins, which mandates 1:1 reserve backing by high-quality liquid assets, monthly attestations, and strict operational controls. NYDFS approval makes RLUSD one of the few stablecoins to launch under formal U.S. regulatory oversight at inception. In December 2025, the Office of the Comptroller of the Currency (OCC) conditionally approved Ripple's application to establish Ripple National Trust Bank, a de novo federal trust bank intended to manage RLUSD reserves and provide custody services. The GENIUS Act, signed into law by President Trump on July 18, 2025, established the first comprehensive U.S. federal stablecoin framework, with implementing regulations expected to take effect by January 2027. RLUSD's existing NYDFS structure is widely regarded as broadly aligned with GENIUS Act requirements.","heading":"Regulatory Status and Approval","severity":"low","sources":[{"credibility":2,"name":"NY regulator approves Ripple's RLUSD stablecoin - CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/new-york-regulator-ripple-rlusd-stablecoin-approval"},{"credibility":1,"name":"XRP Rallies 10% as Ripple's Stablecoin Gets Regulatory Approval - CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2024/12/10/xrp-rallies-10-as-ripples-stablecoin-gets-regulatory-approval-ceo-garlinghouse-says"},{"credibility":1,"name":"OCC Conditionally Approves Five National Trust Bank Charter Applications","type":"regulatory","url":"https://www.occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125.html"},{"credibility":1,"name":"Ripple Secures Federal Approval to Establish National Trust Bank - Ripple","type":"official","url":"https://ripple.com/ripple-press/ripple-secures-federal-approval-to-establish-national-trust-bank/"},{"credibility":1,"name":"GENIUS Act - Congress.gov","type":"regulatory","url":"https://www.congress.gov/bill/119th-congress/senate-bill/1582/text"}]},{"content":"RLUSD reserves are composed of U.S. Treasury bills with a residual maturity of three months or less, government money market funds (MMFs), and cash equivalents, in accordance with NYDFS guidance. As of the attestation snapshot dated July 16, 2026, total circulating RLUSD was $1,508.6 million against reserve funds of $1,619.1 million, indicating reserves exceeding circulating supply. Monthly attestations are conducted by Deloitte, a Big Four accounting firm, following standards established by the American Institute of Certified Public Accountants (AICPA). The primary custodian of RLUSD reserves is The Bank of New York Mellon Corporation (BNY Mellon), appointed in July 2025. Reserve reports are published on Ripple's transparency page and cover the period from December 2024 onward. No reserve shortfall has been publicly identified in any attestation report to date.","heading":"Reserve Composition and Transparency","severity":"low","sources":[{"credibility":1,"name":"Ripple USD Reserve Assets and Transparency Reports - Ripple","type":"official","url":"https://ripple.com/solutions/stablecoin/transparency/"},{"credibility":2,"name":"Deloitte Confirms Ripple 1.49B RLUSD Supply Fully Backed With $1.57B Reserves - CryptoNews","type":"news_article","url":"https://cryptonews.net/news/altcoins/32633159/"},{"credibility":1,"name":"Ripple Selects BNY to Custody Ripple USD Reserves - BNY Press Release","type":"official","url":"https://www.bny.com/corporate/global/en/about-us/newsroom/press-release/ripple-selects-bny-to-custody-ripple-usd-reserves.html"},{"credibility":1,"name":"BNY to take over custody of Ripple's stablecoin reserves - American Banker","type":"news_article","url":"https://www.americanbanker.com/news/bny-to-take-over-custody-of-ripples-stablecoin-reserves"},{"credibility":2,"name":"Big 4 auditor confirms Ripple's stablecoin supply fully backed - TheStreet","type":"news_article","url":"https://www.thestreet.com/crypto/markets/big-4-auditor-confirms-ripples-stablecoin-supply-fully-backed-with-reserves"}]},{"content":"RLUSD is a fully centralized, issuer-controlled asset. Standard Custody & Trust Company, LLC retains unilateral administrative powers that are materially identical to those seen in competing stablecoins such as USDC and USDT. Per Ripple's published stablecoin user terms, Ripple may freeze RLUSD by blacklisting a particular digital address, rendering the associated digital wallet restricted from transmitting or receiving RLUSD, at its sole discretion if required by applicable law or Ripple's internal compliance policies. Additionally, Ripple reserves the right to burn RLUSD held in a particular digital wallet and to mint new RLUSD into a different digital wallet at its sole discretion. These controls are standard for regulated stablecoins subject to NYDFS oversight and are consistent with OFAC sanctions compliance requirements. They nonetheless represent a meaningful departure from censorship-resistant bearer assets. Users relying on RLUSD for self-sovereign value storage should account for these issuer controls.","heading":"Centralization and Token Control Risks","severity":"medium","sources":[{"credibility":1,"name":"RLUSD Stablecoin User Terms - Ripple","type":"official","url":"https://ripple.com/legal/stablecoin/"},{"credibility":2,"name":"What Is RLUSD? Ripple's XRP-Native Stablecoin Explained - The Block","type":"news_article","url":"https://www.theblock.co/learn/408170/what-is-rlusd"}]},{"content":"Ripple expanded RLUSD to over 40 blockchain networks in 2026 using Wormhole's Native Token Transfers (NTT) standard. Wormhole suffered a significant exploit in February 2022, in which attackers drained approximately $320 million by exploiting a vulnerability in the bridge's signature verification system. Ripple and Wormhole assert that the NTT architecture differs materially from the bridge design implicated in the 2022 exploit: under NTT, Ripple retains direct control over minting and burning on each chain, with no third-party liquidity pool involved, and rate limits, access controls, and supply accounting are enforced at the issuer level. Wormhole has since undergone multiple third-party security audits and operates a bug bounty program with rewards of up to $10 million. The residual risk from Wormhole's historical exploit record and the complexity of multi-chain deployments should nonetheless be considered by users and integrators.","heading":"Cross-Chain Bridge Exposure","severity":"medium","sources":[{"credibility":2,"name":"Ripple Picks Wormhole NTT for RLUSD Cross-Chain Push, Despite Brand's $320M Hack History - CCN","type":"news_article","url":"https://www.ccn.com/news/crypto/ripple-rlusd-expands-40-chains-wormhole-ntt-320m-hack-history/"},{"credibility":2,"name":"Ripple Partners with Wormhole to Expand RLUSD Across Ethereum L2 Networks in 2026 - Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/news/ripple-partners-wormhole-expand-rlusd-203738769.html"}]},{"content":"RLUSD's issuer is a subsidiary of Ripple Labs, which was the subject of a prolonged enforcement action by the U.S. Securities and Exchange Commission (SEC). The SEC filed suit in December 2020, alleging that Ripple Labs and its executives raised over $1.3 billion through unregistered securities offerings of XRP. Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled in 2023 that XRP is not a security when sold in public (retail) transactions, while certain institutional sales constituted securities transactions. Both parties' appeals were formally dismissed on August 22, 2025, with the court confirming case closure. Ripple paid a $50 million settlement. The SEC litigation concerned XRP and Ripple Labs' institutional sales practices; it did not directly name RLUSD, which was not in existence during most of the litigation period. However, the legal history of the parent company is relevant context for assessing the broader risk profile of Ripple-issued products.","heading":"Parent Company Legal History","severity":"medium","sources":[{"credibility":2,"name":"Court Confirms Ripple v SEC Case Closure - Bitcoin.com News","type":"news_article","url":"https://news.bitcoin.com/court-confirms-ripple-v-sec-case-closure-locking-in-xrps-legal-status/"},{"credibility":2,"name":"Ripple vs SEC: Full Case Timeline, Rulings, and 2025 Settlement - Coincub","type":"news_article","url":"https://coincub.com/blog/ripple-vs-sec/"},{"credibility":1,"name":"SEC Statement on Settlement with Ripple Labs","type":"regulatory","url":"https://www.sec.gov/newsroom/speeches-statements/crenshaw-statement-ripple-050825"}]},{"content":"As of July 2026, RLUSD ranks approximately ninth among stablecoins by market capitalization and 48th among all cryptocurrencies on CoinGecko. Circulating supply was approximately $1.5 billion as of July 16, 2026. RLUSD's daily trading volume has ranged from $100 million to $500 million, compared to USDT's daily volume exceeding $60 billion, representing a gap of approximately 120 to 600 times. This liquidity differential limits RLUSD's utility for large block transfers and market-making in high-frequency contexts. Key exchange listings include Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, Bullish, OKX (spot trading across over 280 pairs), and others. Partnership integrations have been announced with Mastercard, JPMorgan, and Ondo Finance for settlement and tokenization use cases. SBI VC Trade announced plans to distribute RLUSD in Japan in 2026.","heading":"Market Position and Liquidity","severity":"low","sources":[{"credibility":2,"name":"Ripple USD Price - CoinGecko","type":"other","url":"https://www.coingecko.com/en/coins/ripple-usd"},{"credibility":2,"name":"RLUSD Just Crossed $1.6 Billion Market Cap - 24/7 Wall St.","type":"news_article","url":"https://247wallst.com/investing/2026/05/26/rlusd-just-crossed-1-6-billion-market-cap-heres-why-its-not-helping-xrp/"},{"credibility":1,"name":"Ripple News: RLUSD Stablecoin to be Distributed in Japan by 2026 - CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2025/08/22/ripple-sbi-plan-rlusd-stablecoin-distribution-in-japan-by-2026"},{"credibility":2,"name":"Ripple USD (RLUSD) Market Cap, Supply & Peg Chart - DefiLlama","type":"on_chain","url":"https://defillama.com/stablecoin/ripple-usd"}]},{"content":"RLUSD has maintained its $1.00 peg closely since its December 2024 launch. No public reports of material depeg events or technical failures have been identified as of the date of this investigation. As with all fiat-backed stablecoins, RLUSD carries theoretical depeg risk under conditions of severe market stress, redemption runs, or reserve mismanagement. The presence of monthly Deloitte attestations, BNY Mellon custody, and NYDFS regulatory oversight mitigates but does not eliminate these risks. The token's relatively modest liquidity compared to USDT and USDC could amplify peg volatility in extreme market conditions.","heading":"Peg Stability","severity":"low","sources":[{"credibility":2,"name":"Ripple USD (RLUSD) Market Cap, Supply & Peg Chart - DefiLlama","type":"on_chain","url":"https://defillama.com/stablecoin/ripple-usd"},{"credibility":2,"name":"Understanding RLUSD: Ripple's Dollar-Pegged Stablecoin - CoinJar","type":"news_article","url":"https://www.coinjar.com/global/learn/what-is-ripple-stablecoin-rlusd"}]}],"sources_used":[{"credibility":1,"name":"Ripple USD Stablecoin - Ripple Official","type":"official","url":"https://ripple.com/solutions/stablecoin/"},{"credibility":1,"name":"Ripple USD Reserve Assets and Transparency Reports","type":"official","url":"https://ripple.com/solutions/stablecoin/transparency/"},{"credibility":1,"name":"RLUSD Stablecoin User Terms - Ripple","type":"official","url":"https://ripple.com/legal/stablecoin/"},{"credibility":2,"name":"NY regulator approves Ripple's RLUSD stablecoin - CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/new-york-regulator-ripple-rlusd-stablecoin-approval"},{"credibility":1,"name":"XRP Rallies 10% as Ripple's Stablecoin Gets Regulatory Approval - CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2024/12/10/xrp-rallies-10-as-ripples-stablecoin-gets-regulatory-approval-ceo-garlinghouse-says"},{"credibility":2,"name":"What Is RLUSD? Ripple's XRP-Native Stablecoin Explained - The Block","type":"news_article","url":"https://www.theblock.co/learn/408170/what-is-rlusd"},{"credibility":1,"name":"OCC Conditionally Approves Five National Trust Bank Charter Applications","type":"regulatory","url":"https://www.occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125.html"},{"credibility":1,"name":"Ripple Secures Federal Approval to Establish National Trust Bank - Ripple","type":"official","url":"https://ripple.com/ripple-press/ripple-secures-federal-approval-to-establish-national-trust-bank/"},{"credibility":1,"name":"Application to Charter Ripple National Trust Bank - OCC","type":"regulatory","url":"https://www.occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125b.pdf"},{"credibility":1,"name":"GENIUS Act - Congress.gov","type":"regulatory","url":"https://www.congress.gov/bill/119th-congress/senate-bill/1582/text"},{"credibility":1,"name":"Ripple Selects BNY to Custody Ripple USD Reserves - BNY Press Release","type":"official","url":"https://www.bny.com/corporate/global/en/about-us/newsroom/press-release/ripple-selects-bny-to-custody-ripple-usd-reserves.html"},{"credibility":1,"name":"BNY Mellon will have custody of Ripple's new stablecoin - CNBC","type":"news_article","url":"https://www.cnbc.com/2025/07/09/bny-mellon-will-have-custody-of-ripples-new-stablecoin.html"},{"credibility":1,"name":"BNY to take over custody of Ripple's stablecoin reserves - American Banker","type":"news_article","url":"https://www.americanbanker.com/news/bny-to-take-over-custody-of-ripples-stablecoin-reserves"},{"credibility":2,"name":"Deloitte Confirms Ripple 1.49B RLUSD Supply Fully Backed With $1.57B Reserves","type":"news_article","url":"https://cryptonews.net/news/altcoins/32633159/"},{"credibility":2,"name":"Big 4 auditor confirms Ripple's stablecoin supply fully backed - TheStreet","type":"news_article","url":"https://www.thestreet.com/crypto/markets/big-4-auditor-confirms-ripples-stablecoin-supply-fully-backed-with-reserves"},{"credibility":1,"name":"SEC Statement on Settlement with Ripple Labs","type":"regulatory","url":"https://www.sec.gov/newsroom/speeches-statements/crenshaw-statement-ripple-050825"},{"credibility":2,"name":"Court Confirms Ripple v SEC Case Closure - Bitcoin.com News","type":"news_article","url":"https://news.bitcoin.com/court-confirms-ripple-v-sec-case-closure-locking-in-xrps-legal-status/"},{"credibility":2,"name":"Ripple vs SEC: Full Case Timeline, Rulings, and 2025 Settlement - Coincub","type":"news_article","url":"https://coincub.com/blog/ripple-vs-sec/"},{"credibility":2,"name":"RLUSD Just Crossed $1.6 Billion Market Cap - 24/7 Wall St.","type":"news_article","url":"https://247wallst.com/investing/2026/05/26/rlusd-just-crossed-1-6-billion-market-cap-heres-why-its-not-helping-xrp/"},{"credibility":1,"name":"Ripple News: RLUSD Stablecoin to be Distributed in Japan by 2026 - CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2025/08/22/ripple-sbi-plan-rlusd-stablecoin-distribution-in-japan-by-2026"},{"credibility":2,"name":"Ripple USD (RLUSD) Market Cap, Supply & Peg Chart - DefiLlama","type":"on_chain","url":"https://defillama.com/stablecoin/ripple-usd"},{"credibility":2,"name":"Ripple Picks Wormhole NTT for RLUSD Cross-Chain Push, Despite Brand's $320M Hack History - CCN","type":"news_article","url":"https://www.ccn.com/news/crypto/ripple-rlusd-expands-40-chains-wormhole-ntt-320m-hack-history/"},{"credibility":2,"name":"Ripple Partners with Wormhole to Expand RLUSD Across Ethereum L2 Networks - Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/news/ripple-partners-wormhole-expand-rlusd-203738769.html"},{"credibility":2,"name":"Ripple USD Price - CoinGecko","type":"other","url":"https://www.coingecko.com/en/coins/ripple-usd"}],"summary":"Ripple USD (RLUSD) is a U.S. dollar-pegged stablecoin issued by Standard Custody & Trust Company, LLC, a wholly owned subsidiary of Ripple Labs, under a limited-purpose trust company charter granted by the New York Department of Financial Services (NYDFS). It launched on December 17, 2024, following formal regulatory approval, and had grown to approximately $1.5 billion in circulating supply as of July 2026. RLUSD carries standard centralization and counterparty risks inherent to issuer-controlled fiat-backed stablecoins, including administrative freeze and blacklist capabilities, but is backed by monthly Deloitte attestations, BNY Mellon custody of reserves, and a clear regulatory framework.","timeline":[{"date":"2024-06-01","event":"Ripple acquires Standard Custody & Trust Company, a NYDFS-chartered limited-purpose trust company, to serve as the regulated issuer vehicle for RLUSD.","source":"The Block","source_url":"https://www.theblock.co/learn/408170/what-is-rlusd"},{"date":"2024-08-01","event":"Ripple begins beta testing RLUSD on the XRP Ledger and Ethereum mainnets.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2024/12/10/xrp-rallies-10-as-ripples-stablecoin-gets-regulatory-approval-ceo-garlinghouse-says"},{"date":"2024-10-01","event":"Ripple announces exchange partnerships for RLUSD with Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish ahead of launch.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2024/12/10/xrp-rallies-10-as-ripples-stablecoin-gets-regulatory-approval-ceo-garlinghouse-says"},{"date":"2024-12-10","event":"NYDFS grants final approval for RLUSD. CEO Brad Garlinghouse announces approval publicly; XRP price rises approximately 10% on the news.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2024/12/10/xrp-rallies-10-as-ripples-stablecoin-gets-regulatory-approval-ceo-garlinghouse-says"},{"date":"2024-12-17","event":"RLUSD officially launches on the XRP Ledger and Ethereum.","source":"Ripple Official","source_url":"https://ripple.com/solutions/stablecoin/"},{"date":"2025-07-09","event":"Ripple selects The Bank of New York Mellon (BNY Mellon) as primary custodian of RLUSD reserves. RLUSD market cap surpasses $500 million at this date.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2025/07/09/ripple-taps-bny-mellon-to-custody-stablecoin-reserves-as-rlusd-surpasses-usd500m"},{"date":"2025-07-18","event":"President Trump signs the GENIUS Act into law, establishing the first comprehensive U.S. federal stablecoin framework. RLUSD's existing structure is broadly aligned with GENIUS Act requirements.","source":"Congress.gov","source_url":"https://www.congress.gov/bill/119th-congress/senate-bill/1582/text"},{"date":"2025-08-22","event":"The U.S. Court of Appeals for the Second Circuit formally acknowledges dismissal of both Ripple Labs and SEC appeals, closing the multi-year XRP securities litigation. Ripple had paid a $50 million settlement.","source":"Bitcoin.com News","source_url":"https://news.bitcoin.com/court-confirms-ripple-v-sec-case-closure-locking-in-xrps-legal-status/"},{"date":"2025-08-22","event":"Ripple and SBI VC Trade announce plans to distribute RLUSD in Japan by 2026.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2025/08/22/ripple-sbi-plan-rlusd-stablecoin-distribution-in-japan-by-2026"},{"date":"2025-12-12","event":"The OCC conditionally approves Ripple's application to charter Ripple National Trust Bank, a de novo federal trust bank intended to manage RLUSD reserves and provide institutional custody services.","source":"OCC","source_url":"https://www.occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125.html"},{"date":"2026-04-01","event":"RLUSD's circulating supply grows by approximately $370 million during April 2026 alone, with market cap reaching a new all-time high above $1.6 billion. OKX opens spot trading across more than 280 RLUSD pairs.","source":"24/7 Wall St.","source_url":"https://247wallst.com/investing/2026/05/26/rlusd-just-crossed-1-6-billion-market-cap-heres-why-its-not-helping-xrp/"},{"date":"2026-07-16","event":"RLUSD attestation snapshot shows $1,508.6 million circulating supply against $1,619.1 million in reserve funds, confirming reserves in excess of circulating tokens.","source":"Ripple Transparency Reports","source_url":"https://ripple.com/solutions/stablecoin/transparency/"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 7b039445-4d2c-483f-aaca-30d1e324a11fcopy