CryptoSlate
Coinbase has added Ripple’s RLUSD to its retail and institutional platforms as Moody’s assigned the stablecoin an A2 long-term deposit rating and P-1 short-term deposit rating, its highest short-term grade. RLUSD is now available through Coinbase’s retail app, Coinbase Exchange and Coinbase Prime, with deposits and withdrawals supported on the XRP Ledger, Ethereum and Base. Its market capitalization has surpassed $2.4 billion.
Why it matters
The Coinbase integration expands RLUSD’s distribution into Base, an Ethereum Layer 2 network where stablecoin transaction volume grew sevenfold year over year in Coinbase’s second quarter. Coinbase also said more than 90% of stablecoin transaction volume associated with onchain AI agents occurred on Base during the quarter. USDC has been central to the network’s stablecoin activity; RLUSD adds another dollar-backed option to that ecosystem.
Moody’s cited reserve quality and liquidity, redemption arrangements, custody protections, regulatory oversight and operational controls in its assessment. RLUSD’s reserves consist predominantly of short-term US government securities and cash, with the issuer targeting 103% reserve coverage. BNY holds most of the assets, and the issuer conducts weekly liquidity stress tests and daily reserve monitoring.
Market impact
Customers can convert US dollars and other supported dollar-backed stablecoins into RLUSD at a 1:1 rate. Ripple will provide liquidity on Base, and the companies plan to extend RLUSD to Coinbase Global Exchange, where institutional traders could use it as collateral.
The Moody’s ratings apply to RLUSD issued natively on the XRP Ledger and Ethereum. The combination of wider exchange access and an investment-grade assessment strengthens RLUSD’s institutional credentials, while its arrival on Base puts it in more direct competition with USDC. Moody’s noted that the GENIUS Act, scheduled to take effect in 2027, could strengthen holders’ legal protections around reserves.
Frequently asked questions
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Which Coinbase platforms now support RLUSD?
RLUSD is available through Coinbase’s retail app, Coinbase Exchange and Coinbase Prime, its institutional trading and custody platform.
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What ratings did Moody’s assign to RLUSD?
Moody’s assigned RLUSD an A2 long-term deposit rating and a P-1 short-term deposit rating. P-1 is the agency’s highest short-term rating.
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Which networks support RLUSD deposits and withdrawals on Coinbase?
Coinbase supports deposits and withdrawals on the XRP Ledger, Ethereum and Base. Moody’s ratings apply to RLUSD issued natively on the XRP Ledger and Ethereum.
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What did Moody’s cite in its assessment of RLUSD?
Moody’s considered reserve quality and liquidity, redemption arrangements, custody protections, regulatory oversight and operational controls. Reserves consist predominantly of short-term US government securities and cash.
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How could RLUSD compete on Base?
Base stablecoin transaction volume grew sevenfold year over year in Coinbase’s second quarter. RLUSD’s launch adds another dollar-backed option to a network where USDC has been central.
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