v0 previewGrades are draft or provisional: produced under Methodology v0.2.1 from public evidence, pending re-verification and issuer right-of-reply. Nothing here is investment advice, and these are not credit ratings.
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RLUSD

Ripple (Standard Custody) · Regulated payment stablecoin (benchmark) · Ethereum / XRPL · as of 2026-07-11

NYDFS-chartered trust structure; Bluechip's #1-ranked stablecoin as of July 2025. Younger liquidity profile than USDC/USDT; included as a second regulated benchmark.

A-
84.6
draftconf medium
Haircut: 7.5%
base 6% (A-) x 1.25 (medium confidence) + 0pp class + 0pp flags
Illustrative — not a margin requirement.
Backing & reserves90 · 25%
Cash/T-bill reserves under NYDFS trust framework. [1][2]
Redemption & exit85 · 20%
Direct redemption via Ripple; institutional gating typical of trust stables. [1]
Counterparty & custody82 · 15%
Custody within regulated trust; standard bank-channel exposure. [1]
Peg & market infrastructure75 · 15%
Younger market microstructure; depth still concentrated on fewer venues. [1]
Leverage & rehypothecation85 · 15%
Limited use as recursive collateral to date. [1]
Transparency & governance88 · 10%
Public issuer, regulator-supervised, regular attestations. [1]
What would change this grade: Sustained secondary-market depth failing to grow with supply, or any attestation gap, would cut Redemption and Transparency.
Live price

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Model signals
Not yet computed

The quantitative signal layer (stress-tested loss distributions, peg/leverage/backing metrics) is in development — see pivot/08_QUANT_ENGINE_SPEC.md. When live, signals are computed continuously by a model; grades are always signed by the analyst. The two are shown separately and never conflated.

Evidence appendix
Backing & reserves: [1][2]
Redemption & exit: [1]
Counterparty & custody: [1]
Peg & market infrastructure: [1]
Leverage & rehypothecation: [1]
Transparency & governance: [1]
As of 2026-07-11 · Methodology v0.2.1