XRP News Today: Coinbase Lists Ripple’s RLUSD Stablecoin Across Prime, Exchange and Retail

Ripple’s RLUSD stablecoin, with more than $2.4 billion in circulation, is now live across all three of Coinbase’s core platforms — Prime, Exchange and the retail app. The integration, announced October 28, 2026, lets retail and institutional clients trade, hold and convert the dollar-backed token at a 1:1 rate from U.S. dollars and other supported USD-denominated stablecoins, according to Ripple’s announcement .

The listing is more than another stablecoin add. Coinbase has featured Circle’s USDC as its flagship dollar token for years and holds an equity stake in Circle. By onboarding RLUSD, the exchange is distributing a stablecoin that competes directly with the token it helped make the market’s default. The story is not that a stablecoin got listed. It is that the largest U.S. crypto venue is now running two competing dollar tokens side by side, and it is doing so on purpose.

What Coinbase Is Adding, and Where

The rollout spans three parts of Coinbase’s business. Retail customers can trade and manage RLUSD in the consumer app. Trading firms get it through Coinbase Exchange. Institutions reach it through Coinbase Prime, the brokerage arm that serves hedge funds, asset managers and corporate treasuries.

Deposits and withdrawals run across three blockchains: the XRP Ledger, Ethereum and Base, Coinbase’s layer-2 network. On Base, Ripple said it will supply liquidity to support the token’s growth. Coinbase said availability for its Global Exchange customers — including using RLUSD as collateral — will follow, but neither company named a date for that phase.

Why a USDC Distributor Is Adding a Rival

The rationale sits in Coinbase’s push to become what its executives call the “everything exchange,” a single venue where clients pick assets across crypto, equities, derivatives and payments. Brett Tejpaul, co-CEO of Coinbase Institutional, framed the addition in exactly those terms. “Institutions want access to a full range of payment options, alongside the execution, settlement, and custody they already rely on,” Tejpaul said in the release. “Adding RLUSD on Coinbase is another step toward the everything exchange — one venue where clients choose the assets that fit their strategy, on infrastructure built for security and compliance.”

Jack McDonald, Ripple’s senior vice president of stablecoins, argued that availability, not demand, is the binding constraint. “Institutional appetite for compliant, high-quality stablecoins is clear. The challenge is making them readily available through the platforms institutions already trust and use,” McDonald said. “Our partnership with Coinbase meets that demand head on. It brings RLUSD to the largest institutional client base in the U.S. crypto market, across execution, settlement and custody — all in one place.”

Coinbase has been widening its stablecoin shelf for a while. It already lists PayPal’s PYUSD and Open USD, so RLUSD is not the first non-USDC dollar token on the platform. It is, however, the largest Ripple-issued one to land there, and it arrives with a rating no stablecoin has carried before.

The Moody’s Rating Behind the Listing

RLUSD entered the week with a credential most stablecoins lack. On October 27, Moody’s Ratings assigned RLUSD an A2 long-term and P-1 short-term deposit rating, both investment-grade marks. The agency tied the grade to the reserve’s composition and custody. “The Reserve is predominantly invested in highly liquid, short-duration U.S. government assets and cash,” Moody’s said, adding that issuer Standard Custody & Trust Company “targets 103% Reserve coverage, which exceeds the minimum coverage level associated with the rating.” Most of the reserve sits in U.S. Treasury bills and cash at The Bank of New York Mellon, which Moody’s rates Aa1.

McDonald called RLUSD “the first stablecoin” to receive an investment-grade rating from Moody’s and described the decision as a “massive validation” for the project. The rating joins a growing institutional custody trail for RLUSD, including Standard Chartered’s launch of RLUSD custody on the XRP Ledger earlier in October.

The Numbers Behind the Distribution Push

The market-cap arithmetic is stark. Ripple said RLUSD has surpassed $2.4 billion in market capitalization since its December 2024 launch. Circle’s USDC, by comparison, stands near $71 billion, per CoinGecko data. That puts RLUSD at roughly 3.4% of USDC’s size — a real foothold, but a long way from parity with the token Coinbase helped build.

The growth rate tells its own story. From a standing start in December 2024, RLUSD has averaged roughly $109 million a month in new market cap over about 22 months. The Coinbase listing lands on top of a week that already included a Robinhood partnership and an expanded BNY relationship, both announced October 27. Coinbase is the largest single distribution channel RLUSD has added to date.

What the Listing Does Not Prove

A listing is not volume. Neither company disclosed expected trading activity, the number of supported pairs, or a timeline for the Global Exchange collateral rollout. USDC remains Coinbase’s flagship dollar token, and on Base it is still the dominant dollar asset for trading and decentralized finance. RLUSD’s $2.4 billion is also a fraction of the wider stablecoin market, where Tether’s USDT still leads by a wide margin.

For XRP holders, the listing carries no guaranteed price effect. RLUSD runs on the XRP Ledger and each transaction burns a small amount of XRP as a network fee, but Ripple did not state a direct impact on XRP’s price. McDonald and Tejpaul are scheduled to discuss the next phase of institutional stablecoin adoption at Ripple Swell in New York on October 28 at 4:45 p.m. ET, where further rollout details could surface.

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