On October 28, 2026, two major announcements signaled a significant expansion for Ripple’s U.S. dollar-backed stablecoin RLUSD. First, Base revealed that RLUSD was live on its platform, positioning the stablecoin as a new option for users seeking stability amid mixed cryptocurrency market conditions. The move was publicized through Base’s official channels, though initial trading volume metrics for RLUSD on Base remained unreported.
Shortly afterward, Ripple confirmed a broader institutional integration with Coinbase, bringing RLUSD to Coinbase Prime, Coinbase Exchange, and the retail Coinbase app. The agreement enables eligible customers to convert U.S. dollars and supported dollar-denominated stablecoins into RLUSD at a 1:1 ratio, while extending deposit and withdrawal support across the XRP Ledger, Base, and Ethereum networks. Coinbase also said it plans to introduce RLUSD support on its Global Exchange, including potential use as collateral.
The collaboration goes beyond spot trading. Coinbase’s institutional clients gain access to execution, settlement, custody, and prime brokerage services for RLUSD. Ripple’s SVP of Stablecoins, Jack McDonald, stated: "Institutional appetite for compliant, high-quality stablecoins is clear. The challenge is making them readily available through the platforms institutions already trust and use." Coinbase Institutional Co-CEO Brett Tejpaul added that institutional customers are increasingly looking for diversified payment options.
RLUSD, which launched in December 2024, has surpassed $2.4 billion in market capitalization. Ripple backs the stablecoin with U.S. dollar deposits, short-term U.S. Treasuries, and other cash equivalents, and maintains dollar redemption arrangements to support institutional financial operations. As part of the arrangement, Ripple will provide liquidity on Base to support RLUSD transactions and strengthen adoption within that network.
McDonald and Tejpaul are scheduled to discuss institutional stablecoin adoption at Ripple Swell in New York on October 28. Market participants will be watching whether RLUSD’s expanded availability across Coinbase’s infrastructure drives higher trading volumes, broader DeFi utility, and deeper stablecoin adoption in U.S. markets.
