Coinbase has listed the Ripple USD (RLUSD) stablecoin for retail and institutional clients across its Prime and Exchange terminals and standard application. The listing includes the launch of dollar conversion at a 1:1 ratio across three networks simultaneously: XRP Ledger, Ethereum, and Base.
The integration marks a shift toward a direct commercial partnership between the two companies. On the Base blockchain, liquidity for the asset will be supported by the issuer itself. RLUSD, which currently holds a capitalization of $2.4 billion, was originally developed for the corporate sector rather than to compete with large retail stablecoins like USDT.
Challenge to Kraken’s Position
The appearance of RLUSD on Coinbase poses a direct challenge to Kraken, which previously held the dominant role in regulated RLUSD dollar pairs within the United States. Market data indicates that daily trading volume in the RLUSD/USD and RLUSD/USDC pairs on Kraken stands at just over $225,000, with parity to the dollar maintained.
Coinbase’s infrastructure is intended to redistribute this market landscape and scale trading figures through an influx of American institutional clients. Jack McDonald of Ripple stated that institutional appetite for compliant, high-quality stablecoins is clear, noting that the market previously lacked access through platforms that institutions already trust and use.
Regulatory Approvals and Ratings
Brett Tejpaul of Coinbase Institutional described the integration as a step toward becoming “the everything exchange,” a unified trading environment built to provide security and compliance. The listing coincided with the Office of the Comptroller of the Currency (OCC) approving the creation of Ripple National Trust Bank under the supervision of the federal banking regulator.
In parallel, Moody’s assigned RLUSD investment ratings of A2 and P-1, confirming the quality of the reserves held at BNY. This development closes a previous chapter in the companies’ relationship; in 2020, Coinbase delisted the XRP token due to the Securities and Exchange Commission lawsuit against Ripple, restoring trading only three years later.
The scaling of the stablecoin in the American market will be completed by its integration into Robinhood, which serves 28.6 million clients, by the end of the year. Additionally, RLUSD will be implemented in the B2B platform C2FO for instant settlements.
Frequently Asked Questions
Which networks support RLUSD conversion on Coinbase?
RLUSD conversion to dollars is available at a 1:1 ratio across the XRP Ledger, Ethereum, and Base networks.
What ratings did Moody’s assign to RLUSD?
Moody’s assigned RLUSD investment ratings of A2 and P-1.
