Coinbase adds Ripple's stablecoin to its exchange

By Hannah Lang

Oct ‌28 (Reuters) - Cryptocurrency ​exchange ​Coinbase is adding Ripple's stablecoin RLUSD to its platform, expanding its slate of ‌dollar-backed crypto tokens.

The move is a boost for ⁠blockchain payments company Ripple, which launched RLUSD in December ‌2024 to facilitate near-instant ‌settlement of cross-border payments. The stablecoin has a market capitalization of more than $2.5 billion, according to data ​provider CoinGecko.

RLUSD will be available starting Wednesday across Coinbase's retail and institutional platforms, Coinbase ⁠said. For years, Circle's USDC was the flagship stablecoin Coinbase offered to ​its customers, but Coinbase has gradually expanded its stablecoin offerings to include PayPal's ​PYUSD, as well as Open ‌USD, a stablecoin issued through a joint venture backed by Visa, Mastercard and ⁠Coinbase.

"It's a really credentializing moment for RLUSD to not only be listed on Coinbase but to be ⁠embraced across the platform," said Jack McDonald, senior vice president ​of stablecoins at Ripple.

Stablecoins are digital tokens designed to keep a constant value and backed by traditional currencies, most ‌commonly the US dollar. They are used mainly to trade in and out ‌of other cryptocurrencies, such as bitcoin, but proponents ⁠say they can ‌also facilitate instant ​payments and corporate treasury management.

(Reporting by Hannah Lang in New York; Editing by Sanjeev ‌Miglani)

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