RLUSD Market Capitalization Tops $2.5 Billion as Coinbase Makes It Available
Key Facts
Ripple and Coinbase announced on October 28 that RLUSD is available to retail and institutional customers through Coinbase Prime, Coinbase Exchange and the Coinbase Retail app. Ripple said conversion to RLUSD would be at a 1:1 rate from the U.S. dollar and other supported, dollar-denominated stablecoins. According to Reuters, the stablecoin’s market capitalization topped $2.5 billion on the day of the announcement, citing CoinGecko data. Ripple said in its statement that market capitalization had exceeded $2.4 billion since the stablecoin launched in December 2024. The listing adds a new distribution channel for a stablecoin the company says has grown alongside its use on trading platforms, in payments and institutional markets, and in on-chain finance.
Coinbase support includes deposits and withdrawals via the XRP Ledger, Base and Ethereum, allowing RLUSD to move between those networks. Ripple said it would provide liquidity on Base to support the stablecoin’s growth there. The launch availability does not include Coinbase Global Exchange customers, and RLUSD will not be available as collateral through this channel at this time. Jack McDonald, Ripple’s senior vice president of stablecoins, said the listing was “a moment that gives RLUSD credibility, not just for being listed on Coinbase, but for being embraced across the platform.” The move comes as Coinbase expands its stablecoin offerings; after years in which USDC was its main stablecoin, the company added PYUSD and Open USD, Reuters reported.
Data on Ripple’s transparency page show that RLUSD’s circulating supply was $2,382.8 million, while reserve funds reached $2,528.0 million on October 22. Those figures describe supply and reserves on that date, six days before the partnership announcement. Ripple says the stablecoin is redeemable for U.S. dollars and backed by dollar deposits, short-term U.S. Treasury securities and other cash equivalents. The company also said RLUSD had a market capitalization of $2.5 billion on October 26 and is used in its payments infrastructure and as collateral within Ripple Prime. The company’s figures thus place supply and reserves alongside the uses it says are supporting the stablecoin’s expansion.
On October 26, Ripple announced that Ripple National Trust Bank had received final approval from the U.S. Office of the Comptroller of the Currency, following conditional approval issued in December 2025. The approved activities include managing the segregated reserves backing RLUSD, acting as custodian of its collateral for the benefit of holders, and providing fiduciary custody services for digital assets. Ripple said RLUSD issuance would remain with Standard Custody & Trust Company, regulated by the New York Department of Financial Services, and that the bank charter adds federal oversight from the Office of the Comptroller of the Currency. The company said the bank would begin operations later, meaning final charter approval does not immediately transfer issuance of the stablecoin to it. New York Department of Financial Services guidance generally requires stablecoin reserves under its oversight to cover the nominal value of all outstanding units at the end of each business day.
New York guidance also requires management’s attestations on reserves to be examined at least monthly by an independent certified public accountant licensed in the United States. The guidance allows a redemption policy to set a period of no more than two full business days after receipt of a compliant request. As part of the institutional expansion, McDonald and Brett Tejpaul, co-CEO of Coinbase Institutional, were scheduled to discuss institutional adoption of stablecoins at the Ripple Swell conference in New York on October 28 at 4:45 p.m. Eastern Time. RLUSD’s Coinbase listing is central to that expansion, with availability through the retail and institutional channels cited in the companies’ announcement. Ripple said listing on Coinbase Global Exchange and the possibility of using the stablecoin as collateral would follow at a later stage.