Coinbase added Ripple USD (RLUSD) to its retail app, Coinbase Prime and Coinbase Exchange on Wednesday, giving customers in supported regions access to trade and deposit or withdraw the stablecoin on three networks.
Coinbase said deposits and withdrawals are supported on the XRP Ledger, Base and Ethereum. Customers can also convert U.S. dollars into RLUSD at a 1:1 rate. Ripple said it will provide liquidity on Base to support the token there.
CoinGecko's historical data lists RLUSD's market capitalization at $2,614,638,563 for Oct. 28, using a UTC date. Ripple said RLUSD's market capitalization has surpassed $2.4 billion. Its global exchange launch began on Dec. 17, 2024.
Ripple says RLUSD is redeemable for U.S. dollars and backed by dollar deposits, short-term U.S. Treasuries and other cash equivalents. “Institutional appetite for compliant, high-quality stablecoins is clear,” said Jack McDonald, Ripple's senior vice president of stablecoins.
Ripple said access for Coinbase Global Exchange customers will follow and include the option to use RLUSD as collateral. It has not announced a date for that access.
