Ripple has deployed RLUSD across Coinbase’s retail and institutional platforms, while Moody’s assigned the stablecoin an A2 long-term rating and a P-1 short-term rating, the agency’s highest short-term score. Customers of the Coinbase app, Coinbase Exchange and Coinbase Prime can now convert US dollars and other dollar-backed stablecoins into RLUSD at a 1:1 ratio, then deposit or withdraw the stablecoin on XRP Ledger, Ethereum and Base. Launched in December 2024, RLUSD has surpassed $2.4 billion in market capitalization, and its arrival on Base puts it in competition with USDC in an ecosystem where stablecoin transaction volume grew sevenfold year over year. The issuer, Standard Custody & Trust Company, targets 103% reserve coverage, with reserves consisting mainly of US Treasury bills and cash held at BNY, while eligible institutional holders can redeem the stablecoin within two full business days. Ripple and Coinbase also plan to enable RLUSD as trading collateral, following its integration announced this week with Robinhood and the introduction of institutional settlement on XRP Ledger.
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