Coinbase, one of the largest U.S. cryptocurrency exchanges, now lists a second dollar-backed stablecoin alongside USDC. Ripple and Coinbase announced on October 28, 2026 that Ripple USD (RLUSD) is available across Coinbase Prime, Coinbase Exchange and the Coinbase retail app. The move matters less because another stablecoin joined a crowded field, and more because a major U.S. venue is now distributing two competing dollar tokens at once.
Ripple describes RLUSD as an enterprise-grade stablecoin, and the rollout is organized around the three parts of Coinbase’s business. Retail customers can trade and manage RLUSD in the consumer app. Trading firms and institutions reach the token through Coinbase Exchange and Coinbase Prime, Coinbase’s institutional brokerage arm. Conversion runs at 1:1 against U.S. dollars and other supported USD-denominated stablecoins, according to Ripple’s announcement.
Three networks, one token
Deposits and withdrawals run across the XRP Ledger, Ethereum and Base, Coinbase’s layer-2 chain. Multi-network support is not a cosmetic detail: it lets holders move RLUSD between ecosystems instead of being tied to a single settlement layer. On Base, Ripple said it will provide liquidity to support the token’s growth.
Ripple reports that RLUSD has surpassed $2.4 billion in market capitalization since launching in December 2024, driven by adoption across exchanges, payments, institutional markets and on-chain finance. That figure is meaningful but still modest next to the largest dollar stablecoins, and it is best read as a distribution milestone rather than a statement about future performance.
What is live, and what is still to come
Not everything in the announcement is live today. Ripple said availability for Coinbase Global Exchange customers, including the ability to use RLUSD as collateral, will follow the initial rollout. The distinction matters: a token can be listed for trading while still being unavailable as collateral, and the two capabilities carry different risk profiles. Presenting the future item as already delivered would overstate what was announced.
USDC is not being displaced
Coinbase has long featured Circle’s USDC as its flagship dollar stablecoin, and nothing in this announcement changes that relationship. Listing a competitor is a commercial decision, not a rejection of USDC. The more accurate reading is that Coinbase is broadening the dollar stablecoins it distributes, a sign of how competitive the regulated stablecoin market has become rather than evidence that one token is being replaced.
For a reader, the practical takeaways are narrow. If you hold or use RLUSD, you gain another large venue where it can be traded, converted and held. If you are weighing stablecoins, the questions that matter are unchanged: who issues the token, what backs it, how redemptions work, and which networks settle it. A wider listing answers none of those questions by itself; it mainly changes where the token can be reached.
Adapted from XRP News Today: Coinbase Lists Ripple’s RLUSD Stablecoin Across Prime, Exchange and Retail.