Ripple's dollar-pegged stablecoin RLUSD has been listed on Coinbase, the largest cryptocurrency exchange in the United States. Under the partnership, retail and institutional clients can trade and manage RLUSD through Coinbase’s main services.

On Oct. 28, Ripple and Coinbase announced the launch of RLUSD on Coinbase platforms. RLUSD is available on Coinbase Prime, the Coinbase exchange and the Coinbase retail application. Clients can convert U.S. dollars and other supported dollar-denominated stablecoins into RLUSD on a 1-for-1 basis.

Coinbase also supports deposits and withdrawals of RLUSD across three blockchain networks: XRP Ledger (XRPL), Base and Ethereum. Ripple plans to expand RLUSD support to Coinbase Global Exchange clients as well. Once the service is introduced, market participants will be able to use RLUSD as collateral.

Ripple also plans to supply on-chain liquidity directly to support broader use of RLUSD on Base, the blockchain network developed by Coinbase. It plans to support RLUSD trading and transfers in the Base ecosystem and respond to rising demand.

The partnership is intended to meet institutional demand for dollar-based digital assets that comply with regulations. Jack McDonald (잭 맥도널드), Ripple’s senior vice president for stablecoins, said demand for regulation-compliant stablecoins is growing among institutional clients. He highlighted that Coinbase provides trade execution, settlement and custody services in one place, and said the partnership will allow institutional clients to use related services on a single platform.

Brett Tejpaul (브렛 테즈폴), co-head of Coinbase Institutional, said adding RLUSD aligns with Coinbase’s goal of building an integrated trading platform that lets clients choose assets suited to their investment strategies. The two were set to discuss the next steps in institution-led stablecoin adoption at the Ripple Swell event in New York on Oct. 28.

RLUSD is an enterprise-focused, dollar-pegged stablecoin that Ripple launched in December 2024. It is designed to maintain a 1-for-1 value with the U.S. dollar, and its market capitalisation has grown to about $2.58 billion in less than two years after launch. Its market value rose to $2.49 billion at the end of September from $1.34 billion in early 2026, up about 86 percent from the start of the year. Ripple also said in August 2026 that about $1.0 billion of RLUSD’s total supply was circulating on XRP Ledger.

RLUSD maintains its 1-for-1 peg to the dollar by holding reserves including U.S. dollar deposits, short-term U.S. Treasuries and cash-equivalent assets. Ripple announced in March 2026 that its stablecoin infrastructure processed more than $100 billion in payment volume.

The partnership with Coinbase extends Ripple’s efforts to expand RLUSD distribution and its use cases in institutional financial markets. Ripple has worked with Mastercard, JPMorgan, Ondo Finance and OKX to broaden RLUSD adoption and trading use.

In Japan, SBI Group launched RLUSD in June 2026 after receiving regulatory approval and offered it to retail and institutional clients. In Turkiye, it partnered with Bitexen, Bitlo and ByRila, and in Africa it worked with Chipper Cash, VALR and Yellow Card to expand access to RLUSD.

Ripple also invested $150 million in LMAX Group to increase RLUSD use in institutional financial markets. The investment aims to support the use of RLUSD as collateral and a settlement asset in LMAX’s global institutional trading infrastructure. With the Coinbase listing, RLUSD has further expanded distribution and trading access for U.S. retail and institutional clients.