RUSD is now live on Ethereum. Institutional counterparties that have completed KYB onboarding can mint and redeem RUSD directly with the issuer, one-for-one at par, and eligible holders can transact on the secondary market. This note summarises what has launched, how the token works, and how to get access.
What has launched
RUSD is a US-dollar payment stablecoin issued by Reserve USD Digital Ltd. as an ERC-20 token on the Ethereum network. It is a single, non-yield-bearing token: one RUSD is designed to be redeemable for one US dollar, and the token carries no interest, staking, or reward mechanics. Its job is to be a dollar on-chain — nothing more, and nothing less.
Every RUSD in circulation is backed by at least one dollar of reserves, held with qualified custodians and segregated from the issuer's own funds. The reserve follows the liquidity-first structure described in our whitepaper: at least 70% in cash at insured institutions and tokenised US Treasuries, with the remainder confined to liquid, short-duration instruments. Real estate, locked private credit, and self-issued tokens are excluded from the reserve entirely.
How the two markets work from day one
From launch, RUSD operates on the two-market structure covered in our earlier posts. The primary market — minting and redemption at par — is available exclusively to onboarded, KYB-verified institutions. The secondary market is where all other eligible holders buy and sell RUSD at market prices. Institutional arbitrage between the two is what anchors the secondary price to one dollar: the redemption channel is funded, open, and doing its job from day one.
Ordinary redemptions settle T+0/T+1 from the liquidity buffer, with no redemption fee. Larger requests may carry a short notice period to allow orderly settlement, as set out in the whitepaper.
For institutions: how to get access
Access to minting and redemption requires completing our onboarding process. The steps are straightforward: submit an enquiry through the Institutions page on our website; complete KYB and AML/CFT due diligence; sign the subscription and redemption terms; and receive access to the issuance portal. We are onboarding market makers, exchanges, OTC desks, and treasury operations located outside the United States, the European Union/EEA, and sanctioned jurisdictions.
Where to verify
Consistent with the approach we set out in our transparency post, the facts that matter are published rather than asserted. Circulating supply is verifiable on-chain, and the contract address is listed on our Transparency page alongside the reserve composition. We encourage counterparties to verify the contract address from our website only, and to treat any other source claiming to be RUSD with caution.
What comes next
Launch is a starting line, not a destination. Our near-term focus is deepening secondary-market liquidity, expanding the set of onboarded institutional counterparties, and scaling our disclosure practices as circulation grows. We will announce material developments here and on our official channels.
RUSD was designed around a simple standard: a dollar that is there when you need it. That standard is now live and open for verification.