Coinbase lists Ripple's RLUSD as Ripple targets a $900M revenue run rate

Coinbase has added Ripple's dollar stablecoin RLUSD to its retail app, Coinbase Exchange and the institutional Coinbase Prime platform, the two companies said on Wednesday, Oct. 28. Customers can convert US dollars and other supported dollar stablecoins into RLUSD at a 1:1 rate, The Block reports. Deposits and withdrawals work on three networks: the XRP Ledger, Ethereum and Base, Coinbase's own layer-2.

What changes for users

• Retail and institutions: RLUSD is available in the main Coinbase app as well as on Exchange and Prime.
• No conversion spread: dollars and supported dollar stablecoins convert 1:1.
• Still to come: support for Coinbase's international exchange, including using RLUSD as collateral, is expected later.

Brett Tejpaul, co-CEO of Coinbase Institutional, said institutions want a full range of payment options next to the execution, settlement and custody they already use, and called the listing a step toward an "everything exchange."

Ripple's revenue target

Earlier the same day, Ripple said it expects to exit 2026 with a $900 million annualized product revenue run rate, driven by payments, custody, stablecoins, prime brokerage and treasury services, according to a separate report by The Block. The company said:

• the number of customers and partners using more than one Ripple product has tripled this year;
• its payments network should approach $150 billion in lifetime volume by year-end;
• RLUSD has passed $2.6 billion in market capitalization.

CEO Brad Garlinghouse said settlement is moving to real-time, 24/7 rails, where tokenized assets can be traded, financed and used as collateral. The Block notes that XRP itself is still down nearly 30% this year.

A week of RLUSD news

The listing caps a busy few days. Ripple won final OCC approval for a national trust bank, BNY agreed to custody XRP and RLUSD, and Moody's gave the token an A2 investment-grade rating. If you are new to the token, our explainer on what RLUSD is covers how it is backed, where it runs and how it differs from USDT and USDC.