Coinbase has begun supporting Ripple's dollar-backed stablecoin, $RLUSD, across its retail application, exchange and institutional platform. The listing gives the token access to one of the l
Coinbase has begun supporting Ripple's dollar-backed stablecoin, $RLUSD, across its retail application, exchange and institutional platform. The listing gives the token access to one of the largest distribution channels in the US crypto market.
According to Investing.com, clients can trade and manage RLUSD through Coinbase Prime, Coinbase Exchange and the Coinbase Retail app. The report said the token supports 1:1 conversion from US dollars and other supported USD-denominated stablecoins.
The listing covers three networks. Crypto Briefing reported that RLUSD can move across the @XRPLedger, @ethereum and Base, the Ethereum layer-2 network, and that Ripple will also provide liquidity on Base. The aim is to deepen on-chain market depth for the token.
For institutional clients, the integration makes RLUSD available for execution, settlement and custody within Coinbase's infrastructure, Cryptonomist reported. The outlet said the pitch to institutions is access to a regulated stablecoin through platforms they already use.
Crypto Briefing also noted that Jack McDonald, Ripple's Senior Vice President of Stablecoins, framed the listing as a stamp of legitimacy for the token. Brett Tejpaul, Co-CEO of Coinbase Institutional, described the addition as "another step toward the everything exchange," according to Investing.com.
One caveat: The Crypto Times reported that support for Coinbase Global Exchange customers is still pending.
RLUSD's circulating supply is reported at about $2.4 billion. Ripple's own figures, cited by Crypto Economy, showed $2.409 billion in circulation against $2.5315 billion in reserves as of September 24. Reserves are held in segregated accounts, and Ripple publishes monthly independent attestations covering circulation and reserve assets.
The Crypto Times said the token still sits far below the stablecoins that dominate trading, in a market of roughly $300 billion led by USDT and USDC. Coinbase's own lineup has also widened beyond USDC to include PayPal's PYUSD, according to Crypto Briefing, which suggests the exchange is willing to host multiple dollar tokens.
The listing follows a busy week for Ripple. Fxstreet reported that the Office of the Comptroller of the Currency granted final approval for Ripple's National Trust Bank earlier this week.
Sources
Investing.com: Ripple's RLUSD stablecoin launches on Coinbase platformsCrypto Briefing: Coinbase adds Ripple's RLUSD stablecoin to its exchangeThe Crypto Times: Coinbase lists Ripple's RLUSD stablecoin for retail and institutional users
