Markets · Stablecoins
Starting Oct. 28, customers in supported regions can trade and manage Ripple USD on Coinbase's prime, exchange and retail surfaces, with deposits and withdrawals across XRPL, Base and Ethereum; Global Exchange and collateral use will follow.
Ripple and Coinbase on Oct. 28 said customers in supported regions can trade and manage Ripple USD (RLUSD) through Coinbase Prime, Coinbase Exchange and the Coinbase Retail app starting today, with 1:1 conversion from U.S. dollars into the stablecoin [1][2]. RLUSD is Ripple's dollar-referenced stablecoin. Both companies say deposits and withdrawals work across the XRP Ledger (XRPL), Base and Ethereum, and that Ripple will provide liquidity for RLUSD on Base [1][2][5].
The Ripple press release and Coinbase blog describe the same go-live surfaces: Coinbase Prime, Coinbase Exchange and the Coinbase Retail app, for retail and institutional clients in supported regions [1][2]. Conversion from U.S. dollars into RLUSD is framed as 1:1; Ripple's text also names other supported USD-denominated stablecoins as conversion inputs [1][2].
Coinbase Assets, the company's assets handle, said at about 8:06 a.m. ET that sends and receives of RLUSD on Base, Ethereum and XRPL are available on coinbase.com and in the Coinbase iOS and Android apps in supported regions [4]. Base's official account posted "RLUSD is live on Base" at about 8:22 a.m. ET and, in a reply, said Ripple will provide liquidity to support RLUSD on Base [5]. @coinbase's main account did not post on the listing in the morning watch window this pack used; confirmation on the Coinbase side is the blog plus @CoinbaseAssets [2][4].
Availability for Coinbase Global Exchange customers, including use of RLUSD as collateral, "will follow," both company texts say, with no date attached [1][2].
Jack McDonald, SVP of Stablecoins at Ripple, said institutional appetite for compliant stablecoins is clear and that the challenge is making them available on platforms institutions already use [1]. He said the Coinbase partnership "brings RLUSD to the largest institutional client base in the U.S. crypto market, across execution, settlement and custody, all in one place" [1]. That "largest institutional client base" line is McDonald's quote, not a desk ranking [1].
Brett Tejpaul, Co-CEO of Coinbase Institutional, said institutions want a range of payment options alongside execution, settlement and custody they already use, and called adding RLUSD on Coinbase another step toward Coinbase's "everything exchange" framing [1][2].
Ripple's own X post at about 8:01 a.m. ET said RLUSD is "coming to the largest U.S. crypto exchange," with support across XRPL, Ethereum and Base, and linked the press release [3]. Treat "largest U.S. crypto exchange" as company framing, not an independently verified desk claim [3].
Ripple's press About-style color says that since a December 2024 launch, RLUSD has "surpassed $2.4 billion" in market capitalization [1]. That figure is Ripple's company statement in the release; it is not re-sourced here from a price vendor [1].
McDonald and Tejpaul are also scheduled for a fireside at Ripple's Swell conference in New York City today, Oct. 28, at 4:45 p.m. ET [1][2].
This is a distribution and listing story: Coinbase surfaces for trading and managing RLUSD, multi-chain send/receive, and Ripple-stated liquidity support on Base [1][2][5]. It is distinct from the same-day Moody's RLUSD A2 long-term and P-1 short-term rating story, which turns on credit marks attributed through a company note, not on exchange availability. It is also distinct from the Cap cluster around Ripple's OCC national trust path, Ripple-Robinhood work, and BNY relationships: none of those regulatory-charter or custodian threads are the claim in today's Coinbase texts [1][2].
Neither company text states listing volume, fee schedules, trading pairs, the size of Ripple's Base liquidity commitment, or a go-live minute beyond "starting today" [1][2]. Coinbase's blog also states that seven of the ten largest U.S. banks have tested stablecoins or tokenized deposits for settlement; that is Coinbase's claim and is not used here as a desk fact [2].
In Le Coin's view, the tell is whether Global Exchange availability and RLUSD-as-collateral actually ship with a dated Coinbase notice, and whether Base send/receive and Ripple-stated liquidity show up as sustained, checkable flow rather than announcement-day color [1][2][5]. A second tell is whether Coinbase's main account or a later product note restates the supported-region and chain list without narrowing it. Until Global Exchange and collateral are dated as live, the Oct. 28 record is Prime, Exchange and retail app access plus XRPL, Base and Ethereum rails [1][2][4][5].
Holding the Corner.
Not financial advice.