Ripple RLUSD Launches on Coinbase

Ripple’s RLUSD Stablecoin Now Available on Coinbase, Bolstering Institutional Access

Ripple’s USD-backed stablecoin, RLUSD, has officially launched on Coinbase, providing both retail and institutional clients with access to the token across three distinct blockchains. This significant development arrives as RLUSD garnishes increasing recognition from major financial institutions, notably with Moody’s Ratings assigning it investment-grade credit ratings and BNY Mellon expanding its digital asset collaboration with Ripple.

Customers can now trade and manage RLUSD through Coinbase Prime, the Coinbase Exchange, and the Coinbase Retail application. The stablecoin supports deposits and withdrawals on the XRP Ledger (XRPL), Base, and Ethereum. Users also have the ability to convert U.S. dollars and other supported USD-denominated stablecoins into RLUSD at a 1:1 ratio.

Further integration is anticipated, with Coinbase Global Exchange expected to offer support for RLUSD, including its use as collateral.

Strong Ratings and Growing Market Presence

RLUSD’s market capitalization has reportedly reached approximately $2.6 billion. Moody’s Ratings has awarded the stablecoin a long-term rating of A2 and a short-term rating of P-1, the latter being its highest category for short-term debt.

These ratings underscore RLUSD’s credit quality and its capacity for short-term repayment. The stablecoin’s reserves are primarily composed of U.S. Treasuries and cash, with a stated reserve coverage target of 103%.

Launched in December 2024, RLUSD is engineered to maintain a stable value pegged at 1:1 with the U.S. dollar. This expansion follows Ripple’s recent acquisition of final U.S. approval for its national trust bank, a move that further solidifies its strategy to broaden its regulated digital asset services.

Strategic Partnerships Drive Adoption

The integration with Coinbase significantly broadens RLUSD’s distribution channels, encompassing trading, settlement, and custody services. Ripple is also committed to providing liquidity on the Base blockchain to facilitate the stablecoin’s adoption.

Jack McDonald, Ripple’s Senior Vice President of Stablecoins, highlighted that the partnership makes RLUSD accessible through platforms already utilized by institutional clients. “Our partnership with Coinbase meets that demand head on,” McDonald stated.

Brett Tejpaul, Co-CEO of Coinbase Institutional, added that the addition of RLUSD offers institutions enhanced payment options, complementing the execution, settlement, and custody services they already depend on.

Expanded BNY Mellon Collaboration and Future Discussions

In a separate development, BNY Mellon has broadened its strategic collaboration with Ripple to incorporate XRP into its digital asset custody initiatives. The two companies are also set to explore institutional blockchain applications, including tokenized trade finance.

The Coinbase integration extends RLUSD’s reach across spot trading, institutional prime brokerage, derivatives, and decentralized finance (DeFi). McDonald and Tejpaul are scheduled to participate in a discussion on institutional stablecoin adoption at Ripple Swell in New York City on October 28 at 4:45 p.m. ET.