Coinbase lists Ripple's RLUSD across its app, exchange and Prime, the same day Moody's gives the stablecoin an A2 rating Ripple calls a first

Ripple's stablecoin picked up a major listing and a credit rating on the same day. Coinbase announced, in a joint release with Ripple, that RLUSD is now live for retail and institutional customers across the Coinbase app, Coinbase Exchange and Coinbase Prime, according to The Block. Users can convert US dollars and other supported dollar stablecoins into RLUSD one for one, and deposits and withdrawals work on the XRP Ledger, Ethereum and Coinbase's Base network. Support for Coinbase Global Exchange customers, including using RLUSD as collateral, is expected later. Brett Tejpaul, co-chief executive of Coinbase Institutional, said institutions want a full range of payment options alongside execution, settlement and custody.

Earlier on Wednesday, Moody's had given RLUSD an A2 long-term deposit rating and a P-1 short-term rating under the stablecoin methodology it published in March. The Block reported that Moody's cited reserves held mostly in short-dated US government assets and cash at BNY, which it rates Aa1, and a 103% reserve-coverage target set by Standard Custody & Trust Company, per Moody's; the ratings could fall if reserve quality, coverage or redemption capacity weakens. Jack McDonald, Ripple's senior vice president of stablecoins, said RLUSD is the first stablecoin to receive an investment-grade rating from Moody's.

The listing caps a week of Ripple news: The Block noted that Ripple received final OCC approval for Ripple National Trust Bank earlier this week, and Cryptoweek has covered BNY custody for XRP and RLUSD and RLUSD's arrival on Robinhood Chain and Bitstamp. RLUSD launched in December 2024 and has a market capitalisation of roughly $2.5 billion to $2.6 billion, per The Block's two reports.