Coinbase is expanding its stablecoin offerings by adding Ripple’s US dollar-backed digital currency, RLUSD, to its retail and institutional platforms, giving the token access to a wider pool of cryptocurrency users.
According to Reuters, the listing marks a boost for Ripple as it seeks to expand the use of RLUSD for cross-border payments and financial settlements. Launched in December 2024, the stablecoin has a market capitalization of more than $2.5 billion, according to data provider CoinGecko.
The token became available on Wednesday across Coinbase’s retail and institutional platforms, the cryptocurrency exchange said. Customers can access RLUSD through Coinbase’s retail app, Coinbase Exchange and Coinbase Prime, with support for deposits and withdrawals across the XRP Ledger, Base and Ethereum blockchains.
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Ripple expands its stablecoin reach
RLUSD is designed to maintain a value equivalent to the U.S. dollar and support payments and settlement across blockchain networks. Ripple introduced the token to facilitate near-instant settlement of cross-border transactions, positioning it for use beyond cryptocurrency trading.
Jack McDonald, Ripple’s senior vice president of stablecoins, described the Coinbase listing as an important milestone for the token’s market credibility.
“It’s a really credentializing moment for RLUSD to not only be listed on Coinbase but to be embraced across the platform,” McDonald told Reuters.
The Coinbase integration also broadens the ways customers can access RLUSD. At launch, eligible users can convert U.S. dollars into the stablecoin at a one-to-one rate. Ripple will also provide liquidity on Base to support the token’s use on that blockchain.
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Coinbase diversifies its stablecoin offerings
For years, Circle’s USDC was the flagship stablecoin offered by Coinbase. The exchange has since expanded its lineup to include PayPal’s PYUSD and Open USD, a stablecoin issued through a joint venture backed by Visa, Mastercard and Coinbase.
The addition of RLUSD reflects the growing competition among stablecoin issuers to secure distribution through major cryptocurrency platforms and reach both individual traders and institutional customers.
Stablecoins are digital tokens designed to maintain a relatively stable value, typically by being pegged to a traditional currency such as the U.S. dollar. They are commonly used to move between cryptocurrencies and can also support payments, cross-border transfers and corporate treasury operations.
For Ripple, access to Coinbase’s retail and institutional customer base provides another channel to expand RLUSD adoption. For Coinbase, the listing adds another dollar-backed digital asset as exchanges broaden their services beyond conventional cryptocurrency trading.