Ripple’s RLUSD stablecoin has launched on Coinbase, available to both retail and institutional customers, bringing this dollar-backed token to three blockchain networks and signaling the company’s efforts to expand distribution through major financial platforms.
- Ripple launched RLUSD on Coinbase Prime, Coinbase Exchange, and the retail app on October 28.
- This arrangement enables RLUSD to be transferred between the XRP Ledger, Ethereum, and Coinbase's Base network.
- Coinbase plans to support its Global Exchange collateral feature in the future, but neither party has provided a launch date.
- Ripple stated that since its launch in December 2024, the market capitalization of RLUSD has exceeded $2.4 billion.
- As of now, no specific Coinbase rewards program, full list of trading pairs, or regional availability schedule for RLUSD has been announced.
According to a press release, customers can access RLUSD starting Wednesday through Coinbase Prime, Coinbase Exchange, and the Coinbase retail app. This arrangement supports trading, custody, and conversion at a 1:1 rate from USD or other eligible USD-denominated stablecoins.
This launch covers the XRP Ledger, Ethereum, and Coinbase's Base network, with Ripple committing to provide liquidity for RLUSD on Base. Coinbase plans to make this stablecoin available to its Global Exchange customers later, including for use as collateral, but neither party has disclosed a timeline for these services.
Ripple brings RLUSD to Coinbase's trading platform
Institutional clients can access RLUSD through Coinbase Prime, in addition to their existing execution, settlement, and custody services. Retail customers can trade and manage this stablecoin through the exchange’s consumer app, subject to service availability.
Neither party disclosed the full list of trading pairs, eligible countries, or trading fees in Wednesday’s announcement. Coinbase has also not yet announced a rewards program for RLUSD balances, making its approach different from the existing USDC rewards program on the exchange.
Jack McDonald, Senior Vice President of Ripple’s Stablecoin Business, said that institutional demand for regulated, U.S. dollar-backed tokens has created a need to access these assets through established financial platforms.
“Our partnership directly addresses this demand,” said McDonald, describing the agreement as a way to connect institutions with execution, settlement, and custody through a single platform.
Brett Tejpaul, Co-CEO of Coinbase Institutional, said that this new support aligns with the exchange’s strategy to provide customers with a variety of assets and payment options through its existing infrastructure.
The Base integration provides RLUSD with an additional distribution channel.
Coinbase’s Base network enables RLUSD to enter an Ethereum-based ecosystem where USDC has already become a vital USD-denominated asset for trading, payments, and decentralized finance.
Ripple stated that it will provide liquidity to support the development of RLUSD on Base. However, the announcement did not specify the amount of capital committed, the initial liquidity venues, or expected trading volume.
The protocol includes deposit and withdrawal services between the XRP Ledger, Ethereum, and Base. The announcement does not specify which services are available in each jurisdiction, nor does it confirm whether all three networks offer identical retail account features.
There is already an established business relationship between USDC and Coinbase, which rewards eligible customers holding USDC issued by Circle. The exchange’s documentation on USDC rewards outlines payment methods based on qualifying holdings, but no corresponding incentives for RLUSD have been announced by either party.
This difference means that RLUSD’s initial focus on Coinbase remains on access, transfers, and exchanges. Whether Coinbase will introduce incentives or add more trading pairs has not been disclosed.
RLUSD expansion follows the Robinhood and BNY protocols.
Coinbase's partnership follows several announcements made by Ripple during the Swell conference in New York.
On October 27, Ripple outlined its partnership with Robinhood, including access to RLUSD and institutional financial services. As crypto.news previously reported, neither party has disclosed how many Robinhood customers will use this stablecoin or which services will launch first.
On the same day, Ripple expanded its relationship with BNY by adding institutional custody support for XRP and RLUSD, while exploring additional services related to token issuance and trade finance.
BNY is already the primary reserve custodian for RLUSD. The reserves backing RLUSD consist of U.S. dollar deposits, short-term U.S. Treasury securities, and cash equivalents. This stablecoin is issued by Standard Custody & Trust Company, a subsidiary of Ripple, and is regulated by New York authorities.
This week, RLUSD received a Moody's A2 rating and a Prime-1 short-term assessment. This rating relates to credit quality and payment obligations; it does not guarantee that the token will maintain its dollar peg, nor does it imply suitability for all institutional uses.
Ripple also separately announced that its banking subsidiary has received federal trust bank approval, marking another milestone in the company’s institutional expansion.
RLUSD has a market capitalization of over $2.4 billion.
Ripple stated that since its launch in December 2024, the market capitalization of RLUSD has exceeded $2.4 billion. This figure represents the value of circulating tokens and does not reflect Coinbase deposits, customer holdings, or trading activity.
This stablecoin aims for a target value of $1 and is redeemable for eligible U.S. dollar-denominated debt under applicable terms. Its circulating supply is growing as exchange listings, institutional custody arrangements, and payment integrations expand.
McDonald and Tejpaul plan to discuss institutional stablecoin adoption on Ripple Swell on October 28 at 4:45 PM Eastern Time. Neither party disclosed when collateral backing for RLUSD on Coinbase Global Exchange will begin, nor whether additional regions will be added.