Ripple’s dollar stablecoin, RLUSD, is now on Coinbase, the largest U.S. crypto exchange. Ripple and Coinbase announced the partnership on Wednesday, Oct. 28, the main day of Ripple’s Swell conference in New York.
According to Ripple’s announcement, retail and institutional customers can trade and manage RLUSD starting today through the Coinbase app, Coinbase Exchange and Coinbase Prime. Customers can convert U.S. dollars and other supported dollar stablecoins into RLUSD at a 1:1 rate. Deposits and withdrawals work on three networks: the XRP Ledger, Base and Ethereum. Ripple says it will provide liquidity on Base. Coinbase and Coinbase Institutional confirmed the listing.
Not everything is live yet. Ripple says access for Coinbase’s international exchange customers, including using RLUSD as collateral, “will follow.” No date was given.
The listing came hours after a credit rating. On Tuesday, Moody’s Ratings assigned RLUSD an A2 long-term and P-1 short-term deposit rating, both investment grade, as The Block and Decrypt reported and Ripple’s Jack McDonald confirmed. Moody’s pointed to reserves held mostly in Treasury bills, other short-term U.S. government assets and cash, largely with custodian BNY, and a 103% reserve coverage target. The ratings were requested by the issuer.
Moody’s also flagged limits. Per Decrypt, the issuer, Standard Custody & Trust Company, is not bankruptcy-remote, and RLUSD holders don’t currently have a direct ownership interest in the reserves. Moody’s said the GENIUS Act, due to take effect in 2027, will shield required reserves from an issuer’s bankruptcy estate.
Ripple says RLUSD has passed $2.4 billion in market value since it launched in December 2024. Ripple’s McDonald and Coinbase Institutional co-CEO Brett Tejpaul are scheduled to discuss the deal on the Swell stage at 4:45 p.m. ET today.
XRP was about $1.31 on Wednesday afternoon, down about 0.7% over 24 hours, per CoinGecko.