Ripple's RLUSD stablecoin is now live across Coinbase's full infrastructure—retail app, exchange, and Coinbase Prime. Users convert USD and other dollar stablecoins into RLUSD on a 1:1 basis, with deposits and withdrawals flowing across XRP Ledger, Base, and Ethereum networks.
This is a major distribution win. RLUSD launched in December 2024 and has already crossed $2.6 billion in market cap. Getting onto Coinbase—one of the largest U.S. crypto platforms—puts the stablecoin in front of millions of retail users and direct access to Coinbase Institutional's client base.
Jack McDonald, SVP of stablecoins at Ripple, said, "Institutional appetite for compliant, high-quality stablecoins is clear. The challenge is making them readily available through the platforms institutions already trust and use."
For Ripple, the implications are concrete. RLUSD moves beyond payments and settlement into a broader ecosystem: spot trading, prime brokerage, derivatives, and collateral use. Coinbase Institutional co-CEO Brett Tejpaul confirmed the strategy, saying the move aligns with Coinbase's push to operate as an "everything exchange."
Ripple is also providing liquidity on Base to strengthen RLUSD's on-chain depth on that network. The stablecoin's reserves—cash deposits, short-term U.S. Treasuries, and equivalents—back its institutional positioning.
In the stablecoin wars, distribution and liquidity matter more than market cap alone. Three-network interoperability (XRP Ledger, Base, Ethereum) creates real friction reduction for users moving capital across blockchains. This Coinbase deal is the kind of institutional ramp that signals sustained demand for RLUSD in DeFi, custody, and trading venues.
