Ripple's RLUSD Stablecoin Lands on Coinbase as Moody's Hands It an A2

Ripple's dollar-pegged stablecoin RLUSD is now trading on Coinbase. The exchange flipped the switch for retail and institutional customers, opening access across three blockchains at once. It's a distribution win for a token that launched only in December 2024.

Traders can buy, sell and manage RLUSD through Coinbase Prime, Coinbase Exchange and the main Coinbase retail app. Deposits and withdrawals run on the XRP Ledger, Base and Ethereum. Dollars and other supported USD stablecoins convert into RLUSD at a 1:1 ratio, and Coinbase Global Exchange support — including RLUSD as collateral — is expected to follow.

The stablecoin's market capitalization sits at roughly $2.6 billion. Moody's Ratings handed it an A2 long-term rating and a P-1 short-term rating, the agency's top short-term bucket. Those marks lean on reserves made up mostly of U.S. Treasuries and cash, with a stated reserve coverage target of 103%.

Ripple's Jack McDonald, senior vice president of stablecoins, said the Coinbase partnership puts RLUSD on platforms institutions already use, adding that the tie-up meets that demand head on. Brett Tejpaul, co-CEO of Coinbase Institutional, said the listing gives institutions more payment options alongside the execution, settlement and custody services they already lean on.

There's more in motion. BNY has widened its strategic collaboration with Ripple to bring XRP into its digital asset custody work, and the two will explore institutional blockchain applications including tokenized trade finance. Ripple also says it will supply liquidity on Base to help RLUSD gain traction.

Ripple separately secured final U.S. approval for its national trust bank, another brick in its regulated-services buildout. The Coinbase listing stretches RLUSD across spot trading, prime brokerage, derivatives and DeFi. McDonald and Tejpaul are set to talk institutional stablecoin adoption at Ripple Swell in New York City on October 28 at 4:45 p.m. ET.