Ripple’s RLUSD stablecoin gains Coinbase access as Moody’s awards investment-grade rating
Ripple's RLUSD stablecoin has launched on Coinbase and its Base blockchain after Moody's assigned the token an investment-grade credit rating.
The agreement announced Wednesday makes RLUSD available on Coinbase's retail and institutional trading platforms, expanding the dollar-backed cryptocurrency's distribution through the largest US crypto exchange. The development comes as Ripple expands the stablecoin's presence in financial markets following its December 2024 launch, with RLUSD surpassing $2.4 billion in market capitalization.
Coinbase expands RLUSD access
Under the agreement, customers can now trade and manage RLUSD through Coinbase's retail application, Coinbase Exchange, and Coinbase Prime, its institutional trading and custody platform. The integration also allows customers to convert US dollars and other supported dollar-backed stablecoins into RLUSD at a 1:1 rate.
Coinbase will support deposits and withdrawals across three blockchain networks: the XRP Ledger, Ethereum, and Base, its Ethereum Layer 2 network. Ripple will also provide liquidity on Base to support RLUSD trading and adoption across the network's growing ecosystem of decentralized financial applications.
The agreement would help address growing institutional demand for regulated digital dollars by making RLUSD available through established trading and custody infrastructure.
Moody's assigns investment grade rating
The Coinbase expansion follows another milestone for RLUSD after Moody's Ratings assigned the stablecoin an A2 long-term deposit rating and a P-1 short-term deposit rating. The A2 rating places RLUSD within Moody's investment-grade category, while P-1 represents the agency's highest short-term rating.
Moody's based its assessment on the quality and liquidity of RLUSD's reserves, redemption arrangements, custody protections, regulatory oversight, and operational controls. The agency said the stablecoin's reserves consist predominantly of short-term US government securities and cash, with issuer Standard Custody & Trust Company targeting 103% reserve coverage.
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