The large American cryptocurrency platform Coinbase has launched the Ripple USD ( RLUSD ) stablecoin, targeting retail and institutional customers, covering Prime and Exchange terminals as well as standard applications. This stablecoin has already enabled the 1:1 exchange with US dollars on three networks: XRP Ledger, Ethereum, and Base.

Ripple posted on X that RLUSD is logging into the largest crypto exchange in the United States and will support both retail and institutional markets, covering XRP, Ethereum, and Base.

Reports indicate that the stablecoin product of Ripple has been integrated with Coinbase, signaling a shift in their relationship towards direct commercial cooperation: on the Base blockchain, the liquidity of this asset will be supported by the issuer itself.

The project has a market value of $2.4 billion and was initially designed to meet the needs of corporate clients, rather than to compete with large retail stablecoins such as USDT.

However, RLUSD's login to Coinbase also poses a direct challenge to the status of Kraken. Previously, Kraken had dominated the US-regulated RLUSD dollar trading pair.

According to RLUSD market data, the daily trading volume of the RLUSD / USD and RLUSD / USDC trading pairs on Kraken is slightly over $225,000, and they remain pegged to the US dollar. The report suggests that the infrastructure of Coinbase has the potential to significantly change this landscape and increase trading volumes through the influx of institutional clients from the United States.

The Jack McDonald of Ripple indicates that institutions have a clear demand for compliant, high-quality, and stable coins. However, previously, there was a lack of channels in the market to obtain such products through platforms that institutions already trust and use. The Brett Tejpaul of Coinbase Institutional states that this integration is a step towards everything exchange, which aims to provide a unified trading environment that is both "safe and compliant."

This launch coincides with the approval by the US Monetary Supervision Agency ( OCC ) to establish Ripple National Trust Bank under the supervision of federal banking regulators. At the same time, Moody's has rated RLUSD as A2 and P-1 investment-grade, confirming the quality of the BNY custody reserves.

The report also mentioned that the relationship between the two parties was previously interrupted due to regulatory litigation: in 2020, Coinbase urgently took down the XRP tokens due to a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple, and trading was not resumed until three years later.

RLUSD's expansion in the US market also includes: plans to connect with Robinhood (28.6 million customers) by the end of this year, as well as using it for instant settlement on the B2B platform's C2FO.