Coinbase and Ripple team up to expand access to Ripple's stablecoin
Coinbase Global and Ripple to bring Ripple USD () to some of Coinbase's platforms, the companies said Wednesday. The agreement follows with Robinhood Markets , announced earlier this week.Through the alliance, as of today, retail and institutional clients can trade and manage RLUSD through Coinbase Prime, Coinbase Exchange, and the Coinbase Retail app, with 1:1 conversion from U.S. dollars and other supported USD-denominated stablecoins into RLUSD. The stablecoin will be available to Coinbase Global Exchange customers at a later date.The linkup comes as more companies and institutions consider stablecoin's uses in the payment system after the GENIUS Act was passed last year and federal agencies codified rules this year for regulating stablecoins."It brings RLUSD to the largest institutional client base in the U.S. crypto market, across execution, settlement, and custody — all in one place," said Jack McDonald, SVP of Stablecoins at Ripple."Institutions want access to a full range of payment options, alongside the execution, settlement, and custody they already rely on," said Brett Tejpaul, co-CEO of Coinbase Institutional. "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."Coinbase stock fell 2.0% in premarket trading.Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.