Ripple’s RLUSD stablecoin has officially launched on Coinbase, expanding access for both retail and institutional investors. The token is now tradable across three blockchains: the XRP Ledger (XRPL), Base, and Ethereum. Users can deposit, withdraw, and convert other USD-denominated stablecoins into RLUSD at a 1:1 ratio. Coinbase Prime, Coinbase Exchange, and the Coinbase Retail app all support the stablecoin, with plans to enable RLUSD as collateral in the future.
RLUSD has gained significant traction, reaching a market capitalization of approximately $2.6 billion. Moody’s Ratings has assigned it an A2 long-term rating and a P-1 short-term rating, reflecting its strong credit quality and reserve coverage target of 103%. The stablecoin, which launched in December 2024, is backed primarily by U.S. Treasuries and cash, maintaining a 1:1 value with the U.S. dollar.
Ripple and Coinbase are focusing on institutional demand, with the partnership providing broader distribution channels for trading, settlement, and custody services. Ripple will also offer liquidity on Base to support RLUSD adoption. Jack McDonald, Ripple’s Senior Vice President of Stablecoins, emphasized that the collaboration meets institutional needs. Brett Tejpaul, Co-CEO of Coinbase Institutional, noted that RLUSD adds more payment options for institutions.
Separately, BNY has expanded its collaboration with Ripple to include XRP in its digital asset custody efforts. The companies will also explore institutional blockchain applications, such as tokenized trade finance. McDonald and Tejpaul are scheduled to discuss institutional stablecoin adoption at Ripple Swell in New York City on October 28 at 4:45 p.m. ET.