Ripple widens RLUSD distribution through Robinhood, with Coinbase reportedly joining

Ripple and Robinhood have agreed to expand distribution of RLUSD, Ripple's dollar-pegged stablecoin. According to Decrypt, the token is already live on Robinhood Chain and Bitstamp and is due to arrive in the Robinhood app later this year. CoinDesk puts RLUSD's size at $2.5 billion and notes that Robinhood also backs a rival stablecoin, USDG.

Cointelegraph reports that the partnership is aimed at both retail and institutional clients. Ripple has also deepened its custody work with BNY and signed up C2FO to settle trade finance transactions on the XRP Ledger.

Separately, ZyCrypto reports that Ripple has picked Coinbase to widen RLUSD availability for individual and institutional users on the XRP Ledger, Ethereum and Base. Only a summary of that report was available, so its terms are unclear; the terms of the Robinhood deal were not disclosed either.

The mechanism for XRP is indirect. More venues for RLUSD may raise its usage and liquidity on the XRP Ledger, which could support sentiment around XRP. RLUSD is a separate token, however, and the sources offer no evidence of a direct link to XRP demand.