Ripple has launched its RLUSD stablecoin on Coinbase for retail and institutional customers, bringing the dollar-backed token to three blockchain networks as the company expands its distribution through major financial platforms. Summary Ripple launched RLUSD on Coinbase Prime, Coinbase Exchange and the retail application on October 28. The agreement supports RLUSD transfers across XRP Ledger, Ethereum and Coinbase’s Base network. Coinbase plans future Global Exchange collateral support, but the companies have not provided a launch date. Ripple reported RLUSD market capitalization above $2.4 billion following its December 2024 launch. No RLUSD-specific Coinbase rewards program, complete trading-pair list or country availability schedule was announced. Meanwhile, customers can access RLUSD through Coinbase Prime, Coinbase Exchange and the Coinbase retail application starting Wednesday, according to a press release. The agreement supports trading, custody and conversions from U.S. dollars or other eligible dollar-denominated stablecoins at a 1:1 ratio. The 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 the stablecoin available to its Global Exchange customers later, including for collateral purposes, although neither company disclosed a timeline for those services. Ripple brings RLUSD to Coinbase’s trading platforms Through Coinbase Prime, institutional customers will gain access to RLUSD alongside existing execution, settlement and custody services. Retail customers can trade and manage the stablecoin through the exchange’s consumer application, subject to the availability of supported services. The companies did not publish a complete list of trading pairs, eligible countries or transaction fees in Wednesday’s announcement. Coinbase has likewise not announced a rewards program for RLUSD balances, leaving its treatment different from the exchange’s existing USDC rewards arrangements. Jack McDonald, Ripple’s senior vice president of stablecoins, said institutional demand for regulated dollar-backed tokens has created a need for access through established financial platforms. “Our partnership with Coinbase meets that demand head on,” McDonald said, describing the agreement as a way to connect institutions with execution, settlement and custody through one platform. Coinbase Institutional co-CEO Brett Tejpaul said the addition supports the exchange’s strategy of offering customers multiple assets and payment options through its existing infrastructure. Base integration gives RLUSD another distribution channel Coinbase’s Base network provides RLUSD with access to an Ethereum-based ecosystem where USDC already serves as a major dollar-denominated asset for trading, payments and decentralized finance. Ripple said it would supply liquidity to support RLUSD’s development on Base. However, the announcement did not specify the amount of capital committed, identify initial liquidity venues or disclose any expected transaction volume. Deposits and withdrawals across XRP Ledger, Ethereum and Base are included in the agreement. The announcement does not identify which individual services are available in every jurisdiction or confirm that all three networks have identical retail account functionality. USDC has an established commercial relationship with Coinbase, which distributes rewards to eligible customers holding the Circle-issued stablecoin. The exchange’s USDC rewards documentation describes payments based on eligible holdings, but the companies have not announced an equivalent incentive for RLUSD. The distinction leaves RLUSD’s initial Coinbase offering centered on access, transfers and conversions. Whether Coinbase introduces incentives or additional trading pairs remains undisclosed. RLUSD expansion follows Robinhood and BNY agreements The Coinbase partnership follows several announcements during Ripple’s Swell conference week in New York. On October 27, Ripple outlined a partnership involving Robinhood that includes RLUSD access and institutional financial operations. As crypto.news previously reported, the companies have not disclosed how many of Robinhood’s customers will use the stablecoin or which services will become available first. The same day, Ripple expanded its BNY relationship, adding institutional custody support for XRP and RLUSD while examining further services involving token issuance and trade finance. BNY already serves as the primary reserve custodian for RLUSD, whose backing consists of dollar deposits, short-term U.S. government securities and cash equivalents. The stablecoin is issued by Ripple subsidiary Standard Custody & Trust Company under New York regulatory oversight. During the week, RLUSD received Moody’s A2 rating alongside a Prime-1 short-term assessment. The rating concerns credit quality and repayment obligations; it does not guarantee that the token will maintain its dollar peg or qualify for every institutional use. Ripple has separately announced federal trust-bank approval for its banking subsidiary, adding another development to the company’s institutional expansion. RLUSD market capitalization surpasses $2.4 billion Ripple reported that RLUSD had surpassed $2.4 billion in market capitalization since launching in December 2024. The figure represents the value of circulating tokens and does not measure Coinbase deposits, customer holdings or trading activity. The stablecoin operates at a target value of one U.S. dollar and is redeemable against qualifying dollar obligations under its applicable terms. Its circulating supply has grown alongside exchange listings, institutional custody arrangements and payment integrations. McDonald and Tejpaul are scheduled to discuss institutional stablecoin adoption at Ripple Swell on October 28 at 4:45 p.m. Eastern Time. Neither company has disclosed when RLUSD collateral support on Coinbase Global Exchange will begin or whether additional regional listings will follow.
