Ripple partners with Coinbase to expand RLUSD access

Ripple has partnered with Coinbase to make its RLUSD stablecoin available across the exchange operator's platforms, broadening access for retail and institutional users in the US.

The rollout covers Coinbase Prime, Coinbase Exchange and the Coinbase retail app, with deposits and withdrawals supported on the XRP Ledger, Base and Ethereum. Coinbase Global Exchange customers will also gain access later, including the ability to use RLUSD as collateral.

The announcement was one of several updates from Ripple as it outlined broader growth across stablecoins, custody, trade finance and treasury services. It also disclosed a projected annualised product revenue run rate of USD $900 million and said product revenue rose 58% year on year from the third quarter of 2025 to the third quarter of 2026.

RLUSD, which launched in late 2024, has surpassed USD $2.4 billion in market capitalisation, according to Ripple. The stablecoin is redeemable for US dollars and backed by reserves including US dollar deposits, short-term US Treasuries and other cash equivalents.

"Institutional appetite for compliant, high-quality stablecoins is clear. The challenge is making them readily available through the platforms institutions already trust and use," said Jack McDonald, SVP of Stablecoins at Ripple.

"Our partnership with Coinbase meets that demand head on. It brings RLUSD to the largest institutional client base in the US crypto market, across execution, settlement and custody, all in one place," McDonald said.

Coinbase described the arrangement as a response to client demand for a wider range of settlement and payment options alongside custody and trading access.

"Institutions want access to a full range of payment options, alongside the execution, settlement and custody they already rely on. Adding RLUSD on Coinbase is another step toward the everything exchange - one venue where clients choose the assets that fit their strategy, on infrastructure built for security and compliance," said Brett Tejpaul, Co-CEO of Coinbase Institutional.

BNY tie-up

Ripple also expanded its relationship with BNY across digital asset custody and tokenised finance. BNY now supports XRP and RLUSD on its Digital Asset Custody platform, extending an existing relationship under which it acts as primary reserve custodian for RLUSD and provides custody support for Ripple Prime.

The companies plan to work on tokenised trade finance on the XRP Ledger, with a supplier finance pilot involving C2FO as an early project. BNY Investments also plans to launch a tokenised money market fund on XRPL, subject to regulatory approvals.

Another part of the collaboration would allow eligible BNY clients to mint and redeem RLUSD directly through the bank. Ripple said this would let clients initiate stablecoin activity through both a user interface and programmatic access.

One quote in the announcement attributed remarks to "XX" rather than a named executive.

"As digital assets become increasingly integrated into financial markets, institutions need capabilities that work seamlessly across traditional and blockchain-based systems," said XX at BNY.

"Our broader relationship with Ripple reflects BNY's strategy of bringing digital assets into an institutional servicing model built around the trust, governance and resiliency our clients expect. By connecting custody with tokenised assets, payments and financing, we can give clients more ways to participate in digital asset markets," XX said.

Ripple President Monica Long said the focus had shifted from holding digital assets to using them in broader financial activity.

"The next phase of institutional adoption is not just about putting assets onchain. It's about making them usable across financial markets," said Monica Long, President of Ripple.

"With BNY, we're connecting custody, tokenised funds, RLUSD and financing on the XRP Ledger so institutions can move from holding digital assets to using them across payments, settlement and capital markets," Long said.

Revenue growth

Alongside the partnership announcements, Ripple said it expects to end 2026 with USD $900 million in annualised product revenue. Growth has been driven by a combination of product expansion and acquisitions completed in 2025, with the current year focused on integration.

Ripple said it had seen threefold growth in customers and partners using multiple products together, including payments, custody, stablecoin, prime brokerage and treasury services. Named partners included Robinhood, BNY, DriveWealth and Water.org.

It also said it had received final approval from the Office of the Comptroller for a national trust bank charter. RLUSD had reached a market capitalisation of about USD $2.5 billion and was now available on exchanges including Coinbase, Robinhood, Binance, Kraken and OKX.

Brad Garlinghouse, Chief Executive Officer of Ripple, linked the company's recent growth to wider changes in market infrastructure.

"As traditional and digital finance converge, market infrastructure is migrating onchain. Settlement is moving to real-time, 24/7 rails, and tokenised assets can be traded, financed and used as collateral," said Brad Garlinghouse, Chief Executive Officer of Ripple.

"Ripple is at the epicentre of this massive transformation to rewire the world's financial system, solving the inefficiencies that have slowed money movement for decades with digital assets like XRP. Others focus on individual pieces of the puzzle - Ripple is bringing all of that together, with our partners, to enable the Internet of Value," Garlinghouse said.

BNY said it had USD $62.6 trillion in assets under custody and/or administration and USD $2.2 trillion in assets under management at the end of June.