RLUSD vs USYC
Ripple USD and Circle USYC, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and RLUSD/USYC spread
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NYDFS-regulated dollar token from Ripple, fully reserved in Treasuries, cash deposits and money market funds.
Verdict band: Robust
Circle USYC is a dollar-denominated token tracked across 2 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 91 | 74 | RLUSD |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 95 | 55 | RLUSD |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $505.74M | $2.98B | USYC |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 100 | 48 | RLUSD |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | +0.030% | 0.000% | USYC |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | None recorded | Tie |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 61 | 53 | RLUSD |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $1.76B | $2.98B | USYC |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 2 chains | 2 chains | Tie |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 4.99% | 3.38% | RLUSD |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
RLUSD scores higher on safety (91 vs 74), driven mainly by collateral quality and disclosure. USYC has deeper tracked liquidity ($2.98B), which is what determines whether you can exit at size. RLUSD currently earns up to 4.99% — remember that any rate above the T-bill yield is payment for a risk.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: RLUSD or USYC?
Capital preservation over everything else.
For park cash safely, RLUSD is the better fit over USYC.
- Safety score 91 vs 74, with collateral rated 95/100.
- Current peg deviation 0.030% against 0.000% for USYC.
- No material depeg recorded for RLUSD in our incident log.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
RLUSD
- Issuer and banking risk: reserves sit with Ripple under United States (NYDFS) rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Yield venue risk: 4.99% is earned outside the token itself.
USYC
- Issuer and banking risk: reserves sit with Undisclosed under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
- Yield venue risk: 3.38% is earned outside the token itself.
- Chain concentration: 98% of supply sits on BSC.
| Metric | RLUSD | USYC |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Ripple | Undisclosed |
| Jurisdiction | United States (NYDFS) | Not documented |
| Collateral | treasuries | fiat-backed |
| Peg mechanism | fiat-backed | fiat-backed |
| Attestation | monthly | none |
| Redemption | direct | market-only |
| Price | $1.0003 | $1.1344 |
| Peg deviation | +0.030% | 0.000% |
| Market cap | $1.76B | $2.98B |
| 7d supply change | +13.28% | −0.87% |
| Liquidity | $505.74M | $2.98B |
| Best yield | 4.99% (aave-v3 · Ethereum) | 3.38% (circle-usyc · BSC) |
| Chains | 2 | 2 |
| Launched | 2024 | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (RLUSD vs USYC)
- -1182.5 bps
- $1.0003 vs $1.1344
- Peg deviation gap
- 0.030 pp
- RLUSD +0.030% · USYC 0.000%
- Yield spread
- +1.61%
- RLUSD 4.99% · USYC 3.38%
- Liquidity ratio
- 0.17×
- $505.74M vs $2.98B
A round trip between RLUSD and USYC costs roughly the market spread plus venue fees. At 1182.5 bps of price gap, swapping $1M implies about $118.3K of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Historical context
Track record is the part of a stablecoin you cannot model — it has to be observed. Here is how RLUSD and USYC have actually behaved since launch, including every stress event we have on record.
- RLUSD
Ripple USD goes live.
Chain coverage
RLUSD is live on 2 chains, USYC on 2. 1 chains carry both, so bridging is only unavoidable for the 2 networks where just one of them is deployed.
| Chain | RLUSD | USYC | Both available |
|---|---|---|---|
| — | $2.91B | USYC only | |
| $879.91M | $72.71M | Yes | |
| $880.95M | — | RLUSD only |
RLUSD vs USYC: frequently asked questions
Is RLUSD or USYC safer?
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On our composite safety score RLUSD rates 91/100 versus 74/100 for USYC. The score weighs collateral quality (treasuries vs fiat-backed), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between RLUSD and USYC?
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Ripple USD is issued by Ripple (United States (NYDFS)), backed by treasuries, with redemption terms: direct. Circle USYC is issued by Undisclosed (Not documented), backed by fiat-backed, with redemption terms: market-only. Attestation coverage is "monthly" for RLUSD and "none" for USYC.
Which has the bigger market cap, RLUSD or USYC?
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USYC is larger at $2.98B in circulating supply, against $1.76B for the other. Over the last 7 days supply moved +13.28% for RLUSD and −0.87% for USYC.
Are RLUSD and USYC trading at $1.00 right now?
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RLUSD trades at $1.0003 (+0.030% off peg) and USYC at $1.1344 (0.000% off peg). The gap between the two is about 1182.5 basis points, which is the cost you pay when rotating size between them before fees.
Has RLUSD or USYC ever depegged?
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RLUSD: no material depeg recorded in our incident set. USYC: no material depeg recorded in our incident set. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, RLUSD or USYC?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. USYC shows deeper on-chain liquidity at $2.98B versus $505.74M. Combine that with the redemption channel — RLUSD: direct; USYC: market-only — and size trades against the primary window rather than the order book where possible.
Can I earn yield on RLUSD or USYC?
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RLUSD currently shows the higher rate at 4.99% via aave-v3 · Ethereum, against 3.38% via circle-usyc · BSC for USYC. Neither token pays interest by holding it in a wallet: the yield comes from lending, liquidity provision or a wrapped yield-bearing version, each with its own counterparty and contract risk.
Which chains support both RLUSD and USYC?
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Both are deployed on 1 shared network, including Ethereum. RLUSD spans 2 chains in total and USYC spans 2. Bridged supply on a chain is not the same as natively issued supply, and it usually carries the bridge's risk rather than the issuer's.
What does it cost to switch from RLUSD to USYC?
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Budget three components: the current price spread of roughly 1182.5 bps, swap or venue fees, and slippage against available depth ($505.74M for RLUSD, $2.98B for USYC). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is RLUSD or USYC regulated?
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RLUSD is issued from United States (NYDFS) with monthly; USYC is issued from Not documented with none. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.