Coinbase lists Ripple’s RLUSD across three networks

Coinbase began offering Ripple USD (RLUSD) to retail and institutional customers on October 28, adding the stablecoin to Coinbase Exchange, Coinbase Prime and its retail app. Ripple’s announcement of the Coinbase partnership says customers can trade and manage RLUSD through those products and convert U.S. dollars and other supported dollar stablecoins into RLUSD at a 1:1 rate. The listing gives Ripple’s token access to Coinbase users while keeping some institutional trading functions for a later phase.

Which networks can Coinbase customers use for RLUSD?

Coinbase supports RLUSD deposits and withdrawals on the XRP Ledger, Base and Ethereum. Its launch notice names those three networks but does not describe a bridge or a cross-chain transfer mechanism. A withdrawal on one network is therefore a network-specific transfer; the announcement does not say that sending RLUSD through one supported network moves it to another.

Ripple says it will provide liquidity on Base to support RLUSD there. That is a separate measure from Coinbase’s support for deposits and withdrawals: the announcement does not specify a liquidity venue, market-making arrangement or amount. Nor does it give trading pairs, fees or network-specific transaction limits. Those details will determine how customers can trade and move the token in practice.

What does the 1:1 conversion cover?

Coinbase and Ripple describe a platform conversion from U.S. dollars into RLUSD at a 1:1 rate; Ripple also includes other supported dollar-denominated stablecoins. That is a stated conversion facility, not a claim about every RLUSD trade or transfer. The announcements do not specify how the conversion is executed, whether it has limits, or whether secondary-market prices will always match one dollar.

Ripple describes RLUSD as redeemable for U.S. dollars and backed by reserves that include dollar deposits, short-term U.S. Treasuries and other cash equivalents. That issuer-side backing is distinct from the network routes Coinbase supports and from the conversion service on the exchange. The announcements provide no new reserve breakdown or redemption procedure for Coinbase customers.

Which Coinbase services are still pending?

Coinbase Global Exchange support has not launched. Both companies say it will follow, including the ability to use RLUSD as collateral. That distinction matters: the current listing covers Coinbase Exchange, Prime and the retail app, but it does not mean the token is already accepted as margin collateral on Global Exchange.

Ripple said RLUSD had exceeded $2.4 billion in market capitalization since its December 2024 launch. Reuters separately reported a figure above $2.5 billion, citing CoinGecko, so the companies’ announcement and the reported market data give different snapshots. The Coinbase listing expands distribution; the sources do not establish what effect it will have on RLUSD trading volume, liquidity or use in payments.

Sources and documents

• announcement of the Coinbase partnership — ripple.com
• launch notice — coinbase.com