Coinbase adds RLUSD across Prime, Exchange and retail app

Coinbase added Ripple USD (RLUSD) to Coinbase Prime, Coinbase Exchange and its retail app on Oct. 28, opening trading and management access for retail and institutional customers in supported regions. Coinbase’s announcement says users can deposit and withdraw the stablecoin on the XRP Ledger, Base and Ethereum, and convert U.S. dollars into RLUSD at a 1:1 rate.

The launch expands where customers can access RLUSD and the networks through which they can move it. It does not mean every Coinbase product or customer has access: the company says availability on Coinbase Global Exchange, including use of RLUSD as collateral, will follow.

Which Coinbase services and networks support RLUSD now?

Coinbase says supported-region customers can trade and manage RLUSD through Prime, Exchange and the Coinbase retail app. Deposits and withdrawals are supported across the XRP Ledger, Base and Ethereum. That specifies network support at launch; the announcements do not describe a bridge, a transfer route between networks, or a common settlement mechanism linking them.

The three networks are distinct venues for token transfers. Coinbase’s announcement confirms the supported networks, but does not specify token contract addresses, technical standards, confirmation requirements, fees or whether the asset’s implementation differs by network. Users should therefore treat the listed network as part of the deposit or withdrawal details, rather than assume a transfer on one network can be sent directly to an address on another.

What does the 1:1 conversion cover?

Coinbase says customers can convert U.S. dollars into RLUSD at a 1:1 rate. Ripple’s announcement of the partnership also says customers can convert other supported U.S. dollar-denominated stablecoins into RLUSD at that rate. Neither announcement gives further operational terms for conversion, such as limits, fees, timing or redemption procedures, so the stated ratio should not be read as a complete description of those processes.

Ripple describes RLUSD as redeemable for U.S. dollars and backed by reserves including dollar deposits, short-term U.S. Treasuries and other cash equivalents. The companies do not publish reserve balances or redemption terms in these announcements. Coinbase’s 1:1 conversion feature and Ripple’s description of reserve backing are separate claims about access and the stablecoin; neither release details how Coinbase executes a conversion or how a holder initiates redemption with Ripple.

What remains unavailable at launch?

Coinbase says Coinbase Global Exchange customers will get access later, including the ability to use RLUSD as collateral. That means the launch announcement does not confirm that RLUSD can already be posted against positions on that service. It also does not give a date for Global Exchange availability.

Ripple says it will provide liquidity on Base to support RLUSD use there, but neither announcement quantifies that liquidity or describes its deployment. Ripple also reports that RLUSD, launched in December 2024, has exceeded $2.4 billion in market capitalization. That is Ripple’s figure in its announcement; the releases do not provide a measurement date or breakdown by network.

For now, the confirmed change is distribution: Coinbase has added RLUSD to three services and enabled deposits and withdrawals on three networks. Global Exchange collateral use and the supporting Base liquidity are future commitments in the companies’ announcements, not features the launch notice says are already available.

References

• Coinbase’s announcement — coinbase.com
• announcement of the partnership — ripple.com