Ripple launched the RLUSD stablecoin on Coinbase

Ripple launched the RLUSD stablecoin on Coinbase for retail and institutional clients. As of October 28, the token is available through Coinbase Prime, Coinbase Exchange, and the exchange's retail app. The agreement supports trading, storage, and conversion from US dollars and other approved dollar-denominated stablecoins at a 1:1 rate.

The launch covers the XRP Ledger, Ethereum, and Coinbase's Base network; Ripple has committed to providing RLUSD liquidity on Base. Coinbase plans to later make the stablecoin available to Global Exchange clients, including use as collateral, but the timeline has not been disclosed.

The companies have not published a full list of trading pairs, available countries, and fees. Coinbase has also not announced a rewards program for RLUSD balances, whereas such a program exists for USDC. For RLUSD, there is no equivalent, so the initial offering focuses on access, transfers, and conversion.

“Our partnership with Coinbase fully addresses this demand,” said Jack McDonald, Ripple's Senior Vice President for Stablecoins, referring to institutional demand for regulated dollar-backed tokens. Brett Tejpaul, Co-Head of Coinbase Institutional, noted that the launch supports the exchange's strategy to offer clients multiple assets and payment options through existing infrastructure.

RLUSD is issued by Ripple's subsidiary, Standard Custody & Trust Company, operating under the supervision of New York state regulators. The backing consists of dollar deposits, short-term U.S. government securities, and cash equivalents. The token is targeted at a value of one dollar and is redeemable against qualified dollar liabilities under the issuer's terms.

This week, RLUSD received an A2 rating from Moody's and a short-term Prime-1 rating. The rating pertains to credit quality and redemption obligations but does not guarantee the maintenance of the dollar peg. Separately, Ripple reported the approval of a federal trust bank for its banking subsidiary.

The market capitalization of RLUSD exceeded $2.4 billion since its launch in December 2024. This figure reflects the value of circulating tokens and does not measure deposits on Coinbase, client holdings, or trading activity. The companies have not disclosed when RLUSD support as collateral on Coinbase Global Exchange will begin or whether there will be additional regional listings.