Ripple said RLUSD holder protections depend on its New York regulatory charter, segregated reserves, independent attestations and custody arrangements. The stablecoin is issued by Ripple subsidiary Standard Custody & Trust Company under a New York Department of Financial Services limited-purpose trust charter, with reserves held in cash and short-term U.S. Treasury bills and custody handled by Bank of New York Mellon. Ripple National Trust Bank received conditional approval from the Office of the Comptroller of the Currency in December 2025, but must satisfy preopening requirements before federal supervision begins. Ripple said the trust structure imposes fiduciary duties, legally separates reserves from operating funds and requires monthly CPA attestations, while a money transmitter license would provide weaker and more variable protections. RLUSD’s supply has exceeded $2 billion, including $810 million on the XRP Ledger and $756 million on Ethereum, according to market analysis. The update also contrasts RLUSD with USDC, which the source says holds unconditional federal and state approvals, and Tether, which lacks a U.S. charter and prudential supervisor. Separately, the CFTC’s digital-assets collateral pilot governs the use of qualifying assets as derivatives margin rather than stablecoin issuer supervision, while Ripple Prime participated in BNY’s tokenized deposit rollout.