Coinbase Lists Ripple's RLUSD Across Retail, Exchange and Prime

Coinbase has added Ripple's RLUSD stablecoin across Coinbase Prime, Coinbase Exchange and its retail app, the companies announced Wednesday, extending the token to both institutional and retail customers.

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 three networks: XRP Ledger, Ethereum and Coinbase's Base. Support for Coinbase Global Exchange customers, including the use of RLUSD as collateral, is expected to follow.

Brett Tejpaul, co-CEO of Coinbase Institutional, framed the listing as part of a broader push to consolidate trading, settlement and custody in one venue. "Institutions want access to a full range of payment options, alongside the execution, settlement, and custody they already rely on," Tejpaul said in a release. "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."

What changed for Ripple this week?

The listing caps a run of institutional wins for Ripple. On Monday, the company received final approval from the U.S. Office of the Comptroller of the Currency to launch a national trust bank, bringing RLUSD under federal oversight.

That regulatory milestone unlocked a series of institutional arrangements:

• Ripple expanded its partnership with BNY to provide custody support for XRP and RLUSD.
• The same expanded BNY relationship includes exploring tokenized trade finance with C2FO.
• Ripple and Robinhood extended their partnership to bring RLUSD to Robinhood's retail and institutional businesses.
• Moody's assigned RLUSD an A2 long-term deposit rating and a P-1 short-term rating earlier Wednesday, citing the credit quality and market value of the stablecoin's reserve assets.

The Moody's ratings matter for institutional adoption. Prime brokers, funds and corporate treasuries typically require independent credit assessments before holding a stablecoin in size, and an A2/P-1 pair puts RLUSD in comparable territory to rated deposit instruments rather than unregulated tokens.

How big is RLUSD now?

RLUSD launched in December 2024 and has surpassed $2.6 billion in market capitalization, according to Ripple. The figure positions it well behind Circle's USDC and Tether's USDT, but the combination of OCC federal oversight, a rated reserve profile and distribution through Coinbase Prime and Robinhood gives it distribution channels most smaller stablecoins lack.

Why does the Coinbase listing matter operationally?

For Coinbase, adding RLUSD deepens the stablecoin inventory available to institutional clients on Prime, where the token can now sit alongside established dollar tokens in execution and settlement workflows. The 1:1 conversion mechanism and multi-chain deposit support — XRP Ledger, Ethereum and Base — reduce friction for clients moving between cash, other stablecoins and RLUSD.

The pending collateral functionality on the Coinbase Global Exchange is the next operational step. Once live, traders will be able to post RLUSD as margin, which typically expands a stablecoin's utility beyond payments into funding markets.

With federal trust bank oversight in hand, ratings attached and prime brokerage distribution secured, RLUSD's next test is whether the Coinbase Global Exchange collateral rollout and the BNY-anchored custody stack convert ratings and listings into sustained institutional balances.