Ripple’s RLUSD stablecoin gains Coinbase access as Moody’s awards investment-grade rating

Ripple's RLUSD stablecoin has launched on Coinbase and its Base blockchain after Moody's assigned the token an investment-grade credit rating.

The agreement announced Wednesday makes RLUSD available on Coinbase's retail and institutional trading platforms, expanding the dollar-backed cryptocurrency's distribution through the largest US crypto exchange.

The development comes as Ripple expands the stablecoin's presence in financial markets following its December 2024 launch, with RLUSD surpassing $2.4 billion in market capitalization.

Under the agreement, customers can now trade and manage RLUSD through Coinbase's retail application, Coinbase Exchange, and Coinbase Prime, its institutional trading and custody platform.

The integration also allows customers to convert US dollars and other supported dollar-backed stablecoins into RLUSD at a 1:1 rate.

Coinbase will support deposits and withdrawals across three blockchain networks: the XRP Ledger, Ethereum, and Base, its Ethereum Layer 2 network.

Ripple will also provide liquidity on Base to support RLUSD trading and adoption across the network's growing ecosystem of decentralized financial applications.

The expansion gives Ripple access to a blockchain that has become a major hub for stablecoin transactions and digital payments.

According to Coinbase's second-quarter earnings report, stablecoin transaction volume on Base increased sevenfold year over year, reflecting growing use of the network for dollar-denominated transfers.

The exchange also reported that more than 90% of stablecoin transaction volume associated with onchain AI agents occurred on Base during the quarter.

The network's growth has largely been supported by Circle's USDC, which remains central to Coinbase's stablecoin business. Adding RLUSD introduces another dollar-backed asset into that ecosystem, extending its availability beyond its existing XRP Ledger and Ethereum markets.

The companies also plan to make RLUSD available to Coinbase Global Exchange customers, including allowing institutional traders to use the stablecoin as collateral for trading activities.

Jack McDonald, Ripple's senior vice president of stablecoins, said the agreement would help address growing institutional demand for regulated digital dollars by making RLUSD available through established trading and custody infrastructure.

The expansion also follows Ripple's agreement with Robinhood earlier this week to bring RLUSD to its trading ecosystem and support institutional settlement on the XRP Ledger.