Coinbase has added Ripple USD (RLUSD) to its retail and institutional platforms, expanding access to the stablecoin across Coinbase Prime, Coinbase Exchange and the Coinbase app. Customers in supported regions can trade, manage, deposit and withdraw RLUSD through the services.

The rollout gives RLUSD access to Coinbase’s retail customers as well as its institutional trading, custody and settlement infrastructure. Coinbase’s official announcement is available at Coinbase. For stablecoin issuers, placement on an exchange serving both retail and institutional customers is a core distribution channel, since circulation depends on how easily users can buy, hold and move the token.

RLUSD Access Expands Across Three Networks

Coinbase users can transfer RLUSD across the XRP Ledger, Ethereum and Base, creating multiple routes between trading activity and on-chain operations. Base, an Ethereum layer-2 network developed by Coinbase, ties the stablecoin to on-chain infrastructure associated with the exchange itself. Customers can also exchange RLUSD for U.S. dollars at a 1:1 ratio.

Support for Coinbase Global Exchange is expected to follow, including an option to use RLUSD as collateral — a feature that would give institutional clients another way to deploy the stablecoin once live. Ripple will provide liquidity on Base, which the companies say is intended to support trading and usage of RLUSD on Coinbase’s platform.

Base support extends RLUSD beyond Ripple’s native XRP Ledger and Ethereum. Ripple said providing liquidity on Base could strengthen RLUSD markets and increase the stablecoin’s on-chain utility. The broader network coverage places additional emphasis on distribution and access across exchanges, custody services and multiple blockchains, alongside market capitalization.

RLUSD Market Capitalization Exceeds $2.6 Billion

RLUSD launched in December 2024 and has expanded across exchanges, payments and institutional markets. CoinGecko reported RLUSD market capitalization of $2.61 billion on October 28, while Coinbase reported approximately $2.62 billion for its platform. Market capitalization — the combined value of a stablecoin’s tokens in circulation — is widely used as a gauge of adoption and available liquidity.

RLUSD is backed by U.S. dollar deposits and securities consisting of U.S. Treasuries or other cash-equivalent assets. The stablecoin is intended for use in regulated financial applications, including payments, settlement and institutional liquidity.

Coinbase Adds RLUSD to Institutional Infrastructure

Coinbase described the listing as part of increasing institutional demand for blockchain-based settlement. The exchange said seven of the 10 largest U.S. banks have already tested stablecoins or tokenized deposits for settlement, while the other three have said they plan to do so — a sign that tokenized dollar instruments are being evaluated inside the traditional banking system as well as on crypto-native platforms.

RLUSD is now available to institutions alongside execution, settlement and custody services within the Coinbase infrastructure. Ripple said the partnership brings RLUSD into spot trading, prime brokerage, derivatives and decentralized finance (DeFi), giving clients another dollar-denominated option on an existing institutional platform.