Is XRP a stablecoin? The GENIUS Act definition, Ripple's RLUSD and why bitcoin is not one either
Is XRP a stablecoin?
XRP is not a stablecoin. The GENIUS Act defines a payment stablecoin as one whose issuer must redeem it for a fixed amount of money; XRP and bitcoin have no such issuer and float on supply and demand. Ripple's dollar stablecoin is RLUSD, with $2,460.7 million circulating on 8 October 2026.
Piece published Reviewed by CryptoGuardz Register Desk, editorial desk
No, XRP is not a stablecoin. Under the GENIUS Act, a payment stablecoin is a token whose issuer is obligated to redeem it for a fixed amount of money. Nobody owes XRP holders a fixed dollar amount; it was created as 100 billion units and trades at whatever buyers pay. Bitcoin is not a stablecoin for the same reason. Ripple's stablecoin is a separate token, RLUSD.
The statute, the XRP Ledger documentation, Ripple's RLUSD pages and bitcoin.org were read on 14 October 2026. Nothing here says whether XRP or bitcoin is worth buying; it covers what each one legally and technically is.
What counts as a stablecoin under US law?
Section 2(22) of the GENIUS Act, Public Law 119-27, approved on 18 July 2025, defines a "payment stablecoin" as a digital asset used, or designed to be used, for payment or settlement, whose issuer:
(I) is obligated to convert, redeem, or repurchase for a fixed amount of monetary value, not including a digital asset denominated in a fixed amount of monetary value; and (II) represents that such issuer will maintain, or create the reasonable expectation that it will maintain, a stable value relative to the value of a fixed amount of monetary value
Three tests sit in that text: an issuer, a redemption obligation at a fixed amount, and a representation of stable value. The definition excludes a national currency, a bank deposit and a security. Section 4(a)(1)(A) then requires a permitted issuer to hold reserves "on an at least 1 to 1 basis", and section 4(a)(11) bars it from paying holders interest or yield.
"Stablecoin" is also used loosely online for any token that tracks a price. The legal definition is narrower, and it is the one US platforms will be bound by: section 3(b)(1) makes it unlawful, from 3 years after enactment, for a digital asset service provider to offer a payment stablecoin in the US unless a permitted issuer issued it.
Why is XRP not a stablecoin?
It fails the first test. The XRP Ledger documentation says "XRP is the cryptocurrency supported by the XRP Ledger" and:
At the time of its creation, there were 100 billion XRP.
The same page says Ripple received 80 billion and the founders 20 billion, and that in 2017 Ripple "placed 55 billion XRP in escrow to ensure that the amount entering the general supply grows predictably". That is a supply schedule. There is no issuer promise to buy XRP back at a fixed price and no reserve held against it, so XRP has no redemption value to be stable around.
| Test in GENIUS section 2(22) | XRP | Bitcoin | RLUSD |
|---|---|---|---|
| Issuer obligated to redeem at a fixed amount | No | No | Yes, to institutional customers |
| Issuer represents a stable value | No | No | Yes, 1 to 1 with USD |
| Reserve held against supply | No | No | $2,602.9M on 8 Oct 2026 |
| Supply set by | 100 billion created, escrow releases | Protocol, 21 million cap | Mint and burn against dollars |
| Payment stablecoin under the Act | No | No | Designed as one |
The table describes documents, not prices.
Is bitcoin a stablecoin?
No. Bitcoin has no issuer at all. Its supply is fixed by the protocol, and bitcoin.org's own FAQ is plain about the price:
The price of a bitcoin is determined by supply and demand.
The FAQ adds that "only 21 million bitcoins will ever be created" and that the price "is still very volatile". A fixed supply and a floating price are the opposite of the GENIUS design, where supply expands and contracts so the price can stay at one dollar. The bitcoin backing post covers what does and does not stand behind it.
What is RLUSD, Ripple's stablecoin?
A dollar token, separate from XRP. Ripple's documentation describes Ripple USD (RLUSD) as "a stablecoin backed one-to-one with high quality liquid assets, cash and cash equivalents". On issuer and audit, the same page says:
The Standard Custody and Trust Company, LLC (SCTC) and other regulated Ripple subsidiaries issue and distribute RLUSD
The page says the reserve is built "Consistent with NYDFS stablecoin guidance", lists Treasury bills of three months or less, government money market funds, overnight repos and bank deposits as reserve assets, and says "We provide monthly reserve reports conducted by the independent third-party accounting firm, Deloitte." It names seven networks for RLUSD: the XRP Ledger, Base, Ethereum, Ink, Optimism, Unichain and the XRPL EVM sidechain.
Ripple's transparency page showed $2,460.7M of RLUSD circulating and $2,602.9M of reserve funds, as of 8 October 2026. Redemption with Ripple is for institutional customers: they send RLUSD to Ripple's redemption wallet and, per the documentation, "RLUSD is burned and fiat is settled to your bank account."
RLUSD does not make XRP stable. RLUSD circulates on the XRP Ledger among other networks, but the two tokens have separate prices and separate rules.
Where is RLUSD listed?
Gemini's network page lists RLUSD on Ethereum and the XRPL. Kraken's EEA page, last updated 13 April 2026, lists Ripple USD (RLUSD) among stablecoins delisted for EEA clients, alongside USDT. Each exchange's other entries are on the exchange register, and Gemini's entry links its network list.
How do USDT and USDC compare?
Both meet the economic shape of the definition: Tether's terms say each token is "100% backed" by reserves, and Circle says USDC is "redeemable 1:1 for US dollars". Which of them will be a permitted issuer's token under the Act is a separate question, covered in USDC vs USDT.
Quick answers
Is XRP a stablecoin?
No. No issuer is obligated to redeem XRP at a fixed amount, which section 2(22) of the GENIUS Act requires. 100 billion XRP were created at launch.
Is bitcoin a stablecoin?
No. Bitcoin has no issuer, a 21 million cap, and a price that bitcoin.org says "is determined by supply and demand".
What is Ripple's stablecoin called?
Ripple USD, ticker RLUSD. Ripple reported $2,460.7M circulating on 8 October 2026, with monthly reserve reports by Deloitte.
Is RLUSD the same as XRP?
No. RLUSD is a dollar token issued by Standard Custody and Trust Company and other Ripple subsidiaries; XRP is the native asset of the XRP Ledger with a floating price. See how to buy USDT for how stablecoin network choice works.
Sources
- GENIUS Act, Public Law 119-27, approved 18 July 2025, govinfo text, retrieved 14 October 2026
- XRP Ledger documentation, what is XRP, retrieved 14 October 2026
- Ripple documentation, what is RLUSD, retrieved 14 October 2026
- Ripple, RLUSD transparency page, balances as of 8 October 2026, retrieved 14 October 2026
- Bitcoin.org frequently asked questions, retrieved 14 October 2026
- Tether terms of service, last updated 26 February 2026, retrieved 14 October 2026
- Circle USDC page, retrieved 14 October 2026
- Gemini support, multichain ETH, USDC, RLUSD, USDT, retrieved 14 October 2026
- Kraken support, changes to stablecoin offerings for EEA clients, last updated 13 April 2026, retrieved 14 October 2026
- CryptoGuardz exchange register
About this piece
Compiled by the CryptoGuardz register team from the sources listed above. Research and drafting are AI-assisted and reviewed by a named editor before publication. Nothing here is a recommendation to gamble. If a figure or a reading is wrong, tell us and the correction is logged in public.