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Coinbase Adds Ripple’s Stablecoin to Its Exchange
The listing gives retail and institutional customers access to trading, custody and 1:1 conversions as RLUSD’s market value tops $2.4 billion, Ripple said.
- On Wednesday, Coinbase added Ripple's RLUSD stablecoin to its retail and institutional platforms, enabling transfers across the XRP Ledger, Ethereum, and Coinbase's Base network.
- Moody's assigned RLUSD an A2 long-term and Prime-1 short-term deposit rating, examining reserve asset quality for the token issued by Ripple subsidiary Standard Custody & Trust Company.
- With a market capitalization of more than $2.5 billion, RLUSD maintains reserve coverage at approximately 103% of outstanding tokens; Jack McDonald, Ripple Senior Vice President, called it a "credentializing moment."
- Institutional customers gain access to RLUSD through Coinbase Prime for execution, settlement, and custody services; Brett Tejpaul, Coinbase Institutional co-CEO, said the addition supports offering customers multiple assets.
- These developments coincide with Ripple's Swell conference week in New York, where the company announced federal trust-bank approval and expanded custody partnerships with BNY and Robinhood.
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Moody's Rates RLUSD A2/P-1 but Flags Ripple Parent Risk
Moody’s Ratings has assigned investment-grade ratings to Ripple’s US dollar-backed RLUSD stablecoin, which Ripple says is the first investment-grade Moody’s rating for a stablecoin. The agency gave RLUSD an A2 long-term deposit rating and a P-1 short-term deposit rating, according to its official rating announcement. A2 sits in the upper-medium-grade band of Moody’s long-term scale, while P-1 is the agency’s highest short-term grade. The ratings…
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