In short
- A stablecoin is a digital token built to hold a steady value, most often one US dollar.
- RLUSD is Ripple’s US dollar stablecoin. It runs on the XRP Ledger, and also on Ethereum and other networks.
- In October 2026 three financial firms announced they hold it, use it or plan to use it, each in its own words and with its own limits.
- In Australia, rules for payment stablecoins are proposed, not yet law.
You may have seen “RLUSD” sitting next to “XRP Ledger” in the news and wondered what it is, and whether anyone serious is using it. Here is what it is, and what the firms themselves have said.
What a stablecoin is
A stablecoin is a digital token that aims to keep a steady value. Most aim to be worth one US dollar, today and tomorrow. That makes them different from tokens whose price moves every minute.
People use stablecoins to move money quickly over a ledger, to settle a trade, or to hold a dollar value without leaving the ledger.
What RLUSD is
RLUSD, short for Ripple USD, is Ripple’s US dollar stablecoin. It runs on the XRP Ledger, and also on Ethereum and other networks. The XRP Ledger is a public ledger; a lesson on it is coming in this series.
Ripple says RLUSD is issued through a limited purpose trust company chartered by the New York State Department of Financial Services, and is backed one to one by US dollar deposits, US Treasuries and cash equivalents, redeemable at par.
Why the XRP Ledger is used for it
A ledger used for payments needs to settle quickly and cheaply. That is what the XRP Ledger was built for.
XRPL.org says a payment settles in 3 to 5 seconds. Its small fee is paid in XRP, and that XRP is destroyed, not paid to anyone.
In my view, the XRP Ledger is the technology that will drive much of this. That is my view, not a forecast, and you don’t have to agree with it.
Who is using RLUSD: October 2026
Three firms made announcements in the same week. Each says something different, so it pays to read the limits as carefully as the headline.
On 15 October 2026, Cross River, a US bank, announced that it embeds Ripple’s RLUSD stablecoin on the XRP Ledger into its core banking systems for business customers. The services are only available in some US states, which it does not name.
On 12 October 2026, Standard Chartered announced that it now holds RLUSD in custody for institutions, through its branch in the Dubai International Financial Centre. It also joined a planned link with Ripple and LMAX Group to use RLUSD as collateral. The custody is live in that branch only; the collateral link is planned.
On 14 October 2026, DriveWealth and Ripple announced a partnership. DriveWealth will use RLUSD on the XRP Ledger. DriveWealth and Ripple Prime are exploring work together in equity financing. No start date was given.
| Firm | Announced | What it said | Standing |
|---|---|---|---|
| Cross River | 15 Oct 2026 | RLUSD on the XRP Ledger in | Live, some |
| (US bank) | its core banking systems | US states | |
| Standard | 12 Oct 2026 | Custody of RLUSD for | Live, Dubai |
| Chartered | institutions; collateral link with Ripple and LMAX | branch; the link planned | |
| DriveWealth | 14 Oct 2026 | Will use RLUSD on the XRP Ledger | Announced, no date |
In words: Cross River, a US bank, announced on 15 October 2026 that RLUSD on the XRP Ledger is in its core banking systems, live in some US states. Standard Chartered announced on 12 October 2026 that it holds RLUSD in custody for institutions, live in its Dubai branch, with a collateral link with Ripple and LMAX that is still planned. DriveWealth announced on 14 October 2026 that it will use RLUSD on the XRP Ledger, with no start date given.
None of these announcements says the firm uses XRP itself. They are about RLUSD, running on the XRP Ledger.
Where Australia stands
In Australia, the rules are still being written. Payment stablecoin issuers and wallets are proposed to be regulated as stored value facilities under payments licensing reforms. A draft was put out for comment from 12 March to 9 April 2026, and no bill has been introduced.
ASIC, the corporate regulator, says certain stablecoins are likely to be financial products under the law as it stands.
The Reserve Bank has looked at a digital Australian dollar for the public and says “there is currently no clear public interest case for issuing a retail CBDC in Australia”.
What this means for you
You do not need to hold anything to follow this. If you can tell a stablecoin from a token whose price moves, and a firm’s live service from its plan, you will read the next headline more clearly than most.
Join the lessons by email and you get each new lesson on the XRP Ledger and digital assets as it is published, in plain words, from primary sources.
Nicholas holds some of the assets discussed in this article.
Education only, not personal or financial advice.