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)