Coinbase Adds Ripple Stablecoin RLUSD Across Three Networks

Coinbase has added Ripple’s dollar stablecoin RLUSD to its retail app, Exchange, and Prime platforms, according to CryptoNews. The integration, announced on October 28, supports deposits and withdrawals across the XRP Ledger, Ethereum, and Base networks.

Ripple stated that RLUSD has surpassed $2.4 billion in market value. The stablecoin is issued by Standard Custody & Trust Company, a New York-regulated subsidiary of Ripple, while BNY serves as the primary reserve custodian. Coinbase plans to add collateral support for RLUSD on Coinbase Global Exchange at a later date.

Blockchain Access Versus Reserve Backing

While the Coinbase integration provides customers with another route to buy, hold, and transfer RLUSD, the token's backing and redemption remain dependent on the institutions behind it. The stablecoin relies on dollar deposits, short-term US Treasuries, and cash equivalents held outside the blockchain by regulated financial institutions.

Moving the asset across different networks allows users to interact with various ecosystems, such as payments on the XRP Ledger, smart contracts on Ethereum, and layer-2 applications on Base. However, underlying redemption processes and reserve management continue to be handled through the issuing entity and its designated custodian rather than through blockchain transactions.

Key facts

• Coinbase added RLUSD to its retail app, Exchange, and Prime on October 28.
• Deposits and withdrawals are supported on XRP Ledger, Ethereum, and Base.
• Ripple reported that RLUSD has exceeded $2.4 billion in market value.
• Standard Custody & Trust Company acts as the issuer, and BNY serves as the primary reserve custodian.
• Future plans include supporting RLUSD as collateral on Coinbase Global Exchange.