Coinbase brings Ripple’s RLUSD stablecoin to its platform

Coinbase is adding Ripple’s RLUSD stablecoin to its platform, expanding the dollar-linked token’s reach across retail and institutional crypto services.

Ripple said on October 28 that customers can trade and manage RLUSD through Coinbase Prime, Coinbase Exchange and the Coinbase Retail app. The company said the token supports deposits and withdrawals through the XRP Ledger, Base and Ethereum. Access for Coinbase Global Exchange customers and the use of RLUSD as collateral will follow.

A broader route for Ripple’s dollar token

RLUSD is designed to maintain a one-to-one value with the U.S. dollar. Ripple launched it in December 2024 and says it is redeemable for dollars and backed by reserves including dollar deposits, short-term U.S. Treasuries and other cash equivalents.

Reuters reported that the stablecoin’s market capitalization was above $2.5 billion, citing data provider CoinGecko. Ripple’s announcement put the figure above $2.4 billion. The listing gives the issuer access to Coinbase’s established distribution network as competition grows among dollar-backed crypto tokens.

Coinbase expands its stablecoin range

Coinbase has historically featured Circle’s USDC prominently, but has added other tokens including PayPal’s PYUSD and Open USD, a stablecoin issued through a venture backed by Visa, Mastercard and Coinbase, Reuters reported.

Jack McDonald, Ripple’s senior vice president of stablecoins, called the Coinbase listing a credentializing moment for RLUSD. Ripple and Coinbase executives were also scheduled to discuss institutional stablecoin adoption at Ripple’s Swell event in New York.

Sources: Reuters and Ripple.