Ripple’s RLUSD stablecoin is now available on Coinbase, giving retail and institutional customers access to the token across three blockchains. The launch comes as RLUSD gains wider institutional recognition, with Moody’s Ratings assigning it investment-grade ratings and BNY expanding its digital asset collaboration with Ripple.
Customers can trade and manage RLUSD through Coinbase Prime, Coinbase Exchange and the Coinbase Retail app. Deposits and withdrawals are supported on the XRP Ledger (XRPL), Base and Ethereum. Users can also convert U.S. dollars and other supported USD-denominated stablecoins into RLUSD at a 1:1 ratio.
Coinbase Global Exchange support, including the use of RLUSD as collateral, is expected to follow.
Moody’s Rates RLUSD as Market Cap Reaches $2.6 Billion
RLUSD’s market capitalization has reached approximately $2.6 billion, according to the latest information provided. Moody’s Ratings has assigned the stablecoin an A2 long-term rating and a P-1 short-term rating, its highest short-term rating category.
The ratings reflect RLUSD’s credit quality and short-term repayment capacity. Its reserves consist mainly of U.S. Treasuries and cash, with a reported reserve coverage target of 103%.
RLUSD launched in December 2024 and is designed to maintain a 1:1 value with the U.S. dollar. Ripple has also received final U.S. approval for its national trust bank, adding another development to its efforts to expand regulated digital asset services.
Ripple and Coinbase Focus on Institutional Demand
The Coinbase launch gives RLUSD a wider distribution channel across trading, settlement and custody services. Ripple will also provide liquidity on Base to support the stablecoin’s adoption.
Jack McDonald, Ripple’s Senior Vice President of Stablecoins, said the partnership makes RLUSD available through platforms institutions already use.
“Our partnership with Coinbase meets that demand head on,” McDonald said.
Brett Tejpaul, Co-CEO of Coinbase Institutional, said the addition gives institutions more payment options alongside the execution, settlement and custody services they already rely on.
BNY Expands Digital Asset Work With Ripple
Separately, BNY has expanded its strategic collaboration with Ripple to include XRP in its digital asset custody efforts. The companies will also 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 also scheduled to discuss institutional stablecoin adoption at Ripple Swell in New York City on October 28 at 4:45 p.m. ET.
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