Coinbase now lets U.S. users buy, sell and hold Ripple‘s RLUSD stablecoin, giving the $2.4 billion dollar-backed token a spot on the country’s biggest crypto exchange.

Key Takeaways

• Coinbase added RLUSD to its retail app, coinbase Exchange and coinbase Prime on Oct. 28

• Users can swap U.S. dollars and other supported dollar stablecoins into RLUSD one for one

• RLUSD moves on the XRP Ledger, Base and Ethereum, and Ripple will add trading liquidity on Base

• RLUSD has passed $2.4 billion in market value since it launched in December 2024

What Coinbase Users Get

Ripple and coinbase announced the deal on Wednesday, and it took effect the same day. Everyday users can now trade and hold RLUSD in the coinbase app, while big investors get it through coinbase Exchange and coinbase Prime, the exchange’s service for funds and institutions.

Customers can turn U.S. dollars, or other supported dollar stablecoins, into RLUSD at a one-to-one rate. They can also deposit and withdraw it on three blockchains: the XRP Ledger, Base and Ethereum. Ripple said it will provide liquidity on Base, coinbase’s own blockchain, to help the token trade smoothly there.

More is coming. Coinbase customers outside the U.S. will get access later, along with the option to use RLUSD as collateral for trading.

Why Ripple Wanted Coinbase

A stablecoin is only useful if people can easily get it and spend it, and coinbase holds more crypto for institutions than any other U.S. platform. “Institutional appetite for compliant, high-quality stablecoins is clear,” said Jack McDonald, Ripple’s senior vice president of stablecoins. “The challenge is making them readily available through the platforms institutions already trust and use.”

Brett Tejpaul, co-CEO of coinbase Institutional, called it “another step toward the everything exchange,” coinbase’s plan to let customers trade crypto, stocks, derivatives and more in one place.

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A Crowded Stablecoin Race

RLUSD is still small next to the leaders. Tether’s USDT dominates global trading, and Circle’s USDC is the go-to dollar token on coinbase, which shares in USDC’s revenue. Ripple is betting that banks and big investors will want a token from a company that already runs cross-border payments for financial firms.

Ripple says RLUSD is backed by U.S. dollar deposits, short-term Treasury bills and other cash equivalents, and can be redeemed for dollars. The two companies will discuss the next phase of institutional stablecoin use at Ripple’s Swell conference in New York.

The real test is what comes next. If funds start using RLUSD as trading collateral and apps choose it for payments on Base, the token can grow beyond exchange balances. If not, the coinbase listing mostly adds another place to park dollars.

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