Coinbase has opened Ripple’s dollar-backed stablecoin RLUSD to retail and institutional customers, offering deposits and withdrawals across three networks and 1:1 conversions.
According to The Block, Coinbase and Ripple announced on Wednesday, October 28, that RLUSD is available through the Coinbase retail app, Coinbase Exchange and Coinbase Prime. The stablecoin is now part of the exchange’s products serving both retail investors and institutions.
Three networks and 1:1 conversions for RLUSD
Customers can convert U.S. dollars and other supported dollar-denominated stablecoins into RLUSD at a 1:1 ratio. Deposits and withdrawals are supported on the XRP Ledger, Ethereum and Base networks.
Access for Coinbase Global Exchange customers and the ability to use RLUSD as collateral are expected in a later phase. No date was given for this step, which is planned following the current support rollout.
Coinbase Institutional co-CEO Brett Tejpaul said institutions want access to different payment options alongside trading, settlement and custody services. He described RLUSD support as a step toward enabling customers to use assets suited to their needs on the same platform.
Another addition to Ripple’s institutional push
The Coinbase integration follows Ripple’s banking and custody moves this week. On Monday, the company received final approval from the OCC to establish a national trust bank and bring RLUSD under federal oversight. It then expanded its partnership with BNY to provide custody support for XRP and RLUSD, and broadened its collaboration with Robinhood to bring the stablecoin to retail and institutional services.
Moody’s also assigned RLUSD long-term A2 and short-term P-1 deposit ratings on Wednesday. The credit rating assessment highlighted the credit quality and market value of its reserve assets.
Launched in December 2024, RLUSD’s market capitalization has exceeded $2.6 billion, according to data shared by Ripple.
Not investment advice.