Coinbase Lists Ripple RLUSD as Stablecoin Hits $2.6B Cap and Moody's Investment-Grade Rating

Ripple's RLUSD stablecoin landed on Coinbase across all three of the exchange's tiers, covering the retail app, Coinbase Exchange, and Coinbase Prime, with 1:1 conversion from U.S. dollars and other dollar-denominated stablecoins supported simultaneously on the XRP Ledger, Ethereum, and Base networks. The listing came days after Ripple extended a separate deal with Robinhood covering RLUSD, Prime Brokerage, and Treasury Services, giving the stablecoin two major U.S. distribution wins in quick succession. Coinbase Global Exchange trading and collateral use are planned as a subsequent phase of the rollout.

The Coinbase announcement arrived alongside a cluster of milestones that Ripple disclosed on the same day. RLUSD, which launched in December 2024, has reached a market capitalization of approximately $2.5 billion to $2.6 billion depending on the source. Moody's assigned RLUSD the first investment-grade rating ever given to a stablecoin, a development Ripple cited as validation of its reserve and compliance structure. Ripple's national trust bank also received final OCC approval, completing a regulatory process that had been in progress.

On the business side, Ripple said it expects an annualized product revenue run rate of $900 million by year-end 2026, with its payments network approaching $150 billion in cumulative volume. The company also announced a partnership with C2FO, whose platform has facilitated more than $250 billion in working capital, to use RLUSD and the XRP Ledger for commercial invoice financing through a new product called Instant Pay, which settles early payments against approved invoices in seconds. Separately, Ripple added AI-powered cash positioning and 24/7 returns capabilities to its Treasury platform on October 26.

The macro backdrop for stablecoins also shifted during the period. U.S. Treasury Secretary Bessent, speaking at a Ripple conference, said stablecoins will be "an important source of funding for the Treasury," a signal that analysts noted could influence regulatory treatment and demand for dollar-backed instruments broadly.