Ripple's RLUSD lands on Coinbase as stablecoin tops $2.6B
Coinbase lists Ripple's RLUSD stablecoin for retail and institutional clients on XRP Ledger, Ethereum and Base, capping a week of bank and custody deals.
STABLECOINS & CBDCEXCHANGESNEWS
Hana Kimura
10/29/20261 min read
Coinbase has added Ripple's dollar stablecoin RLUSD to its retail app, Coinbase Exchange and Coinbase Prime, the two companies announced on Wednesday, Oct. 28, opening the token to retail and institutional customers of the largest U.S. crypto exchange.
Users can convert U.S. dollars and other supported dollar stablecoins into RLUSD at a one-to-one rate, The Block reported. Deposits and withdrawals run on the XRP Ledger, Ethereum and Coinbase's Base network. Support for Coinbase Global Exchange customers, including the use of RLUSD as collateral, is planned for a later stage.
Brett Tejpaul, co-CEO of Coinbase Institutional, said institutions want access to a full range of payment options and described the listing as another step toward Coinbase's “everything exchange” strategy.
A busy week for Ripple
The listing caps several days of news for the token. On Oct. 26 the Office of the Comptroller of the Currency gave Ripple final approval for Ripple National Trust Bank, which will manage RLUSD reserves, act as trustee for holders and offer digital asset custody. Issuance stays with Standard Custody & Trust Company, Ripple's New York-regulated trust firm, according to PYMNTS.
On Oct. 27 Ripple widened its partnership with Robinhood. RLUSD is already live on Robinhood Chain and Bitstamp by Robinhood, with in-app availability expected later this year. BNY now supports RLUSD and XRP in custody for eligible institutional clients, and the two firms plan to enable direct RLUSD creation and redemption through the bank. On Wednesday, Moody's assigned RLUSD an A2 long-term and P-1 short-term deposit rating, citing the credit quality and market value of its reserve assets.
RLUSD launched in December 2024 and has passed $2.6 billion in market capitalization, according to Ripple. That still leaves it far behind USDT and USDC, but listings on Coinbase and Robinhood and a custody link with BNY put it into distribution channels the larger tokens have long dominated. Ripple CEO Brad Garlinghouse said the company has argued for years that crypto and banks work better together.
Source: The Block, PYMNTS, The Crypto Basic