Coinbase Lists Ripple's RLUSD Stablecoin for Retail and Institutional Customers on Three Blockchains

Since launching in December 2024, Ripple's dollar stablecoin RLUSD has grown to roughly $2.6 billion in market capitalization, according to CoinGecko data. As of today, Oct. 28, it has a much bigger storefront.

Ripple and Coinbase announced a partnership that lets retail and institutional customers trade and manage RLUSD through Coinbase Prime, Coinbase Exchange and the Coinbase retail app. Customers can convert U.S. dollars and other supported USD-denominated stablecoins into RLUSD at 1:1.

What the listing covers

Deposits and withdrawals are supported on three networks: the XRP Ledger, Ethereum and Coinbase's own Base network. Ripple said it will provide liquidity on Base to support the token's growth.

Coinbase Global Exchange customers will get access later, including the ability to use RLUSD as collateral. Neither company has given a date.

The companies describe the deal as spanning spot trading, institutional prime brokerage, derivatives and decentralized finance.

What the companies say

"Institutional appetite for compliant, high-quality stablecoins is clear," said Jack McDonald, Ripple's senior vice president of stablecoins. "The challenge is making them readily available through the platforms institutions already trust and use."

McDonald said the deal brings RLUSD "to the largest institutional client base in the U.S. crypto market, across execution, settlement and custody."

Brett Tejpaul, co-CEO of Coinbase Institutional, called the addition "another step toward the everything exchange," meaning one venue where clients pick the assets that fit their strategy.

Those are the companies' own descriptions of their own deal. Neither has published volume or revenue projections.

The reserve and ratings picture

Ripple describes RLUSD as redeemable for U.S. dollars and backed by reserves that include U.S. dollar deposits, short-term U.S. Treasuries and other cash equivalents.

Market reports also say Moody's Ratings has assigned the token an A2 long-term rating and a P-1 short-term rating, the top short-term category. The same reports cite a reserve coverage target of 103%. Ripple has also reportedly received final U.S. approval for a national trust bank, and BNY has expanded its collaboration with Ripple to include XRP in its digital asset custody work.

Those items are context for the launch. They are separate from the Coinbase agreement itself.

Details still missing

The announcement leaves a lot of practical questions open. The companies did not publish a full list of trading pairs, eligible countries or transaction fees. Ripple did not say how much capital it is committing to Base liquidity, which venues will host it or what trading volume to expect.

The companies have also not said whether every service will work identically across all three networks for retail users, or which services are available in each jurisdiction.

There is one clear commercial contrast. Coinbase already pays rewards to eligible customers who hold USDC, the stablecoin issued by Circle. No comparable program has been announced for RLUSD balances.

For retail holders, that gap could matter more than any custody or settlement feature. A stablecoin that pays nothing competes differently from one that does, and Coinbase has not said which way it will go.

Base and the USDC competition

Base gives RLUSD access to an Ethereum-based ecosystem where USDC already serves as a major dollar asset for trading, payments and DeFi. Ripple's pledge to provide liquidity there is an acknowledgment that distribution alone does not create demand.

A listing gets a token in front of customers. Liquidity, pricing and fees determine whether they use it.

Next steps

McDonald and Tejpaul are scheduled to discuss the next phase of institutional stablecoin adoption at Ripple Swell in New York City today, Oct. 28, at 4:45 p.m. ET. That session is the first scheduled chance for either executive to address the open questions on timing, fees and rewards.