Coinbase adds Ripple’s RLUSD across three platforms

Coinbase added Ripple’s RLUSD stablecoin to three of its platforms on Oct. 28, giving retail and institutional customers another dollar token to trade, convert and transfer. The Coinbase announcement says the launch covers Coinbase Prime, Coinbase Exchange and the Coinbase app.

• Three platforms: Prime, Exchange and the retail app.
• Three supported networks: XRP Ledger, Base and Ethereum.
• Customers can convert U.S. dollars into RLUSD at a 1:1 rate.
• Coinbase Global Exchange access, including use as collateral, will follow.

RLUSD is a stablecoin, a digital token designed to hold a steady value against a currency. Ripple says it is redeemable for U.S. dollars and backed by reserves including dollar deposits, short-term U.S. Treasuries and other cash equivalents.

How can Coinbase customers use RLUSD?

Customers in supported regions can trade and manage RLUSD through Coinbase Prime, Coinbase Exchange and the retail app, Coinbase said. They can also deposit and withdraw the token on the XRP Ledger, Base and Ethereum.

The 1:1 conversion means customers can exchange one U.S. dollar for one RLUSD through the service. Coinbase also says customers can convert other supported dollar-denominated stablecoins into RLUSD. It did not name specific trading pairs or fees in its announcement.

Coinbase Global Exchange customers are not included in the initial availability. The company says access for them will follow, including the ability to use RLUSD as collateral. It did not give a date for that rollout.

How large is Ripple’s stablecoin?

RLUSD launched in December 2024. In its announcement of the Coinbase partnership, Ripple said the token’s market capitalization had surpassed $2.4 billion. That figure reflects the value of tokens in circulation, not trading volume on Coinbase.

Ripple said it will provide liquidity on Base to support RLUSD’s growth on that network. Liquidity is the supply available to buy or sell without a large effect on price. The company did not state how much it would provide.

The listing puts RLUSD on a major U.S. exchange alongside other dollar-backed tokens. Reuters reported that Coinbase had previously expanded beyond Circle’s USDC to include PayPal’s PYUSD and OpenUSD. The new listing gives Coinbase users another option, while extending RLUSD’s reach across retail trading, institutional services and several blockchains.

Ripple and Coinbase presented the move as a way to broaden access for institutional customers as well as retail users. Coinbase Institutional co-CEO Brett Tejpaul said clients want more payment options alongside trading, settlement and custody. Neither company disclosed expected trading activity or a timeline for Global Exchange access.

Sources and documents

• Coinbase announcement — coinbase.com
• announcement of the Coinbase partnership — ripple.com