Coinbase has added Ripple’s US dollar-backed stablecoin, RLUSD, to its retail and institutional platforms, expanding access to the token for cryptocurrency users and financial institutions. Launched in December 2024, RLUSD has reached a market capitalisation of more than $2.5 billion. Customers can access it through Coinbase’s retail app, Coinbase Exchange and Coinbase Prime, with deposits and withdrawals supported on the XRP Ledger, Ethereum and Base networks. The listing supports Ripple’s efforts to expand RLUSD’s role in cross-border payments and financial settlements.
Key Takeaways
- Wider distribution: RLUSD is available through Coinbase’s retail app, Coinbase Exchange and Coinbase Prime.
- Market capitalisation: The stablecoin has surpassed $2.5 billion, with recent data putting it at approximately $2.6 billion.
- Multiple blockchains: Deposits and withdrawals are supported on the XRP Ledger, Ethereum and Base.
- Payment ambitions: Ripple is seeking broader adoption of RLUSD for cross-border payments, settlements and institutional financial services.
Coinbase Expands Its Stablecoin Lineup
The listing gives RLUSD access to a broader pool of cryptocurrency users and institutional customers through one of the largest cryptocurrency trading platforms. The token is available through Coinbase’s retail app, Coinbase Exchange and Coinbase Prime, allowing eligible customers to trade and manage the stablecoin across the company’s services.
Customers can convert US dollars and other supported dollar-denominated stablecoins into RLUSD at a one-to-one ratio. Deposits and withdrawals are supported across the XRP Ledger, Ethereum and Base blockchains, giving users several networks through which to access and transfer the token.
Support for Coinbase Global Exchange customers, including the ability to use RLUSD as collateral, is expected to follow. Ripple will also provide liquidity on Base to support the stablecoin’s use on that network.
The addition expands Coinbase’s existing range of dollar-backed tokens. Its stablecoin offerings include Circle’s USDC, PayPal’s PYUSD and Open USD, a token issued through a joint venture backed by Visa, Mastercard and Coinbase. RLUSD adds another option for customers seeking dollar-linked digital assets for trading, payments and settlement.
Ripple Gains Distribution for RLUSD
Ripple launched RLUSD in December 2024 to support near-instant settlement of cross-border payments. The stablecoin is designed to maintain a value equivalent to the US dollar, providing a digital representation of the currency that can be transferred across supported blockchain networks.
Its market capitalisation has grown beyond $2.5 billion, with recent market data placing it at approximately $2.6 billion. That gives Ripple a growing presence in a market where cryptocurrency exchanges, payment providers and financial networks are competing to attract stablecoin users and transaction activity.
Jack McDonald, Ripple’s senior vice president of stablecoins, described the Coinbase listing as an important milestone for RLUSD.
“It’s a really credentializing moment for RLUSD to not only be listed on Coinbase but to be embraced across the platform,” McDonald said.
The listing gives RLUSD access to customers already using Coinbase’s trading and institutional services. Wider availability could make it easier for users to obtain the token without relying exclusively on other exchanges or platforms.
Stablecoins Extend Beyond Cryptocurrency Trading
Stablecoins are digital tokens designed to maintain a relatively stable value, typically by being backed by traditional currencies such as the US dollar. They are widely used to move funds into and out of cryptocurrencies, but they are also being developed for cross-border payments, corporate treasury management and financial settlement.
For businesses operating internationally, transferring money through conventional financial systems can involve several intermediaries, processing delays and currency-conversion costs. Blockchain-based settlement can offer an alternative route for moving digital value, although actual speed, costs and accessibility depend on the network, service providers and compliance requirements involved.
RLUSD is intended to support this broader use of digital dollars. Its expansion across Coinbase’s retail and institutional platforms provides another channel through which customers can access the token for transactions and digital-asset management.
The availability of RLUSD across three supported networks also gives users greater flexibility in choosing where to hold or transfer the asset. However, access to a blockchain does not automatically guarantee that every payment or settlement use case will be available to every customer.
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Institutional Access and Liquidity
Institutional adoption is an important part of the stablecoin market because financial firms may use dollar-backed tokens for trading, settlement and managing funds across digital-asset platforms.
Brett Tejpaul, co-chief executive of Coinbase Institutional, said the addition reflects demand for a wider range of payment options alongside execution, settlement and custody services.
“Adding RLUSD on Coinbase is another step toward the everything exchange — one venue where clients choose the assets that fit their strategy, on infrastructure built for security and compliance,” Tejpaul said in the company’s announcement.
The rollout also includes liquidity support on Base from Ripple. Liquidity can help users buy, sell or transfer a token more efficiently, although the availability and depth of trading activity will depend on demand and market conditions.
The planned expansion to Coinbase Global Exchange customers, including collateral use, could further extend RLUSD’s role in institutional trading. The timing and scope of that additional support remain subject to the platform’s rollout.
Ripple Broadens Its Institutional Strategy
The Coinbase listing comes amid a wider push by Ripple to expand its institutional presence. The company has been developing blockchain-based financial services covering payments, custody, prime brokerage and treasury management.
RLUSD is one part of that strategy. Its use depends not only on the token’s dollar-linked design but also on whether customers can access it through familiar platforms and use it for practical financial activities.
For Coinbase, adding RLUSD broadens the range of stablecoins available to customers. For Ripple, the listing offers another distribution channel as it seeks to establish the token in payments and settlement markets.
Still, a listing alone does not establish how quickly adoption will grow. Future use will depend on customer demand, liquidity, integration with financial services and the ability of businesses to use RLUSD within their operational and regulatory requirements.
Outlook
Coinbase’s addition of RLUSD gives Ripple’s dollar-backed stablecoin access to a wider retail and institutional customer base. With market capitalisation of approximately $2.6 billion, support for the XRP Ledger, Ethereum and Base, and a stated focus on cross-border payments, RLUSD is seeking a broader role beyond cryptocurrency trading.
The listing strengthens its distribution, but longer-term adoption will depend on whether users and institutions incorporate the token into payments, settlement and digital-asset operations. Planned support for Coinbase Global Exchange customers and collateral use could provide further opportunities as the rollout develops.
FAQs
1. What is RLUSD?
RLUSD is Ripple’s US dollar-backed stablecoin, launched in December 2024 and designed to maintain a value equivalent to one US dollar.
2. Where can customers access RLUSD on Coinbase?
Customers can access RLUSD through the Coinbase retail app, Coinbase Exchange and Coinbase Prime.
3. Which blockchains support RLUSD on Coinbase?
Deposits and withdrawals are supported on the XRP Ledger, Ethereum and Base.
4. What is RLUSD’s market capitalisation?
RLUSD has surpassed $2.5 billion in market capitalisation, with recent market data showing approximately $2.6 billion.
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