Coinbase Adds Ripple’s RLUSD Across Retail and Institutional Platforms

Coinbase has added Ripple’s RLUSD stablecoin to Coinbase Prime, Coinbase Exchange and its retail app, expanding access for individual and institutional customers. Announced on October 28, the rollout includes deposits and withdrawals across the XRP Ledger, Base and Ethereum, according to the companies.

Customers in supported regions can trade and manage RLUSD through the three platforms. Coinbase said users can convert U.S. dollars into RLUSD at a one-to-one rate, while Ripple’s announcement also includes conversions from other supported dollar-denominated stablecoins. Availability remains subject to the services supported for each customer.

The agreement gives Ripple another distribution channel for its dollar-backed token, bringing it into Coinbase’s existing retail and institutional infrastructure. Rather than requiring customers to establish a separate platform relationship, the integration makes RLUSD accessible alongside assets they already trade or hold through Coinbase.

Ripple launched RLUSD in December 2024 and says the stablecoin is redeemable for U.S. dollars. Its reserves include dollar deposits, short-term U.S. Treasury securities and other cash equivalents. Those backing arrangements are central to the product’s intended role as a dollar-denominated asset for payments, settlement and trading.

Bitcoin.com News reported RLUSD’s market capitalization at approximately $2.6 billion, a figure Ripple also cited in a separate business update. Ripple’s partnership announcement used a lower figure of more than $2.4 billion. The figures describe the stablecoin’s overall size, rather than the amount held or traded through Coinbase following the listing.

For institutional customers, the appeal outlined by both companies is access through an established combination of trading, settlement and custody services. Ripple’s senior vice president of stablecoins, Jack McDonald, framed distribution through platforms institutions already use as an important part of meeting demand. Coinbase similarly presented the addition as a way to broaden clients’ available payment and asset choices.

The network coverage adds another dimension to the rollout. Customers can deposit and withdraw RLUSD using XRP Ledger, Ethereum or Base, giving them a choice of supported blockchain environments. Ripple also said it would provide liquidity on Base to support the stablecoin’s use there, although the announcement did not specify the size of that commitment.

The launch does not complete the planned integration. Availability for Coinbase Global Exchange customers, including the ability to use RLUSD as collateral, is expected to follow. That would extend the token’s function within Coinbase beyond the trading and asset-management services included in the initial release.

The next milestone is therefore the expansion into those additional services, rather than another announced network launch. Neither company provided a date for Global Exchange availability in the partnership announcement. For now, the agreement broadens access to RLUSD, while its subsequent use in collateral, settlement and other institutional activity remains the next phase to watch.