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Coinbase Adds Ripple’s RLUSD Stablecoin Across Its Platforms
- Coinbase now supports RLUSD across XRP Ledger, Base and Ethereum, allowing retail and institutional clients to trade and manage the stablecoin.
- Customers can convert USD and other supported dollar stablecoins into RLUSD at a 1:1 ratio through Coinbase services.
- RLUSD has become the eighth-largest stablecoin, with a US$2.61 billion market cap, although it remains far smaller than USDT and USDC.
- Coinbase plans to extend RLUSD to its Global Exchange, enabling eligible traders to use the stablecoin as collateral for trading positions.
Ripple’s RLUSD stablecoin continues to make waves. Yesterday, we reported that Ripple received final approval to establish a national trust bank and also expanded its relationship with BNY. Now, in a separate development, Coinbase is making RLUSD accessible to its retail and institutional clients.
Coinbase now supports RLUSD on the XRP Ledger (XRPL), Base and Ethereum. Ripple’s own documentation states it’s also available on Ink, Optimism, Unichain and the XRPL EVM sidechain, though Coinbase has not announced support for these networks.
In the announcement, Ripple and Coinbase said that from 28 October, customers can trade and manage the coin via Coinbase Exchange and Prime as well as the Coinbase Retail app.
1:1 conversion from USD and other Coinbase-supported USD stablecoins into RLUSD is available.
Brett Tejpaul, Coinbase Institutional’s Co-CEO, said that corporate clients want broader access to payment options and RLUSD would be a step toward an “everything exchange”.
[O]ne venue where clients choose the assets that fit their strategy, on infrastructure built for security and compliance.
Brett Tejpaul, Coinbase Institutional’s Co-CEO Jack McDonald, the SVP of Stablecoins at Ripple, said this would bring RLUSD “to the largest institutional client base in the U.S. crypto market, across execution, settlement and custody”.
Read also: VanEck Launches Diversified ETF With Bitcoin Allocation of Up to 5%
RLUSD Still Far Behind Rival Coins
Data from CoinMarketCap shows that RLUSD has grown to become the eighth-largest stablecoin by market cap on its list. It has a current market cap of US$2.61 billion (AU$3.70 billion) and a daily trading volume of US$209.62 million (AU$297.12 million).
Still, compared to stablecoin titans like Tether’s USDT or Circle’s USDC, RLUSD is dwarfed. USDT has a market cap of US$180.78 billion (AU$256.24 billion) and a daily volume of US$56.18 billion (AU$79.63 billion), while USDC has a market cap of US$71.3 billion (AU$101.06 billion) and a daily volume of US$12.54 billion (AU$17.77 billion).
Coinbase said RLUSD will also become available to its Global Exchange customers, including for use as collateral. This would allow eligible traders to use RLUSD as security for trading positions rather than simply holding or exchanging it.
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Related: USDC Overtakes Tether in Euro Trading as MiCA Reshapes Stablecoin Market
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
