Robinhood adds Ripple stablecoin alongside rival USDG
Robinhood Markets will introduce Ripple’s dollar-backed RLUSD stablecoin to its retail trading app later this year, expanding an institutional partnership despite its involvement in a competing digital dollar, USDG. The companies announced on Tuesday that RLUSD was already available on Robinhood Chain and Bitstamp, the cryptocurrency exchange owned by Robinhood. They also outlined plans to use…
Robinhood Markets plans to incorporate Ripple's RLUSD stablecoin into its retail trading platform later this year, alongside other institutional partnerships. The stablecoin, already available on Robinhood Chain and Bitstamp, aims to facilitate institutional settlement through the XRP Ledger. RLUSD has reached a market capitalization of over $2.4 billion since its launch in December 2024, with a current value near $2.5 billion.
This addition expands Robinhood's dollar-denominated digital asset offerings, although it does not indicate a shift away from USDG, a competing stablecoin issued by Paxos. The partnership does not provide specific details on customer uptake, availability, or financial commitments. Ripple will also integrate its Ripple Treasury into Robinhood's financial operations, offering services such as cash and liquidity management, payment processing, and forecasting.
The collaboration aims to provide comprehensive financial services, including retail trading and core operations.
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