Every stablecoin issuer says it's regulated. A money transmitter license, a state trust charter, and federal prudential supervision all qualify and carry different reserve rules, verification requirements, and outcomes if the issuer fails. RLUSD was built for the stricter reading of that word: a limited-purpose trust charter, segregated reserves, and monthly independent CPA attestation with a federal supervisory layer conditionally approved on top. Unpacking what "regulated" actually means: https://on.ripple.com/3TrbPUD(Ripple)