RLUSD reaches Coinbase. How does its dollar backing work?

Ripple’s Coinbase launch gives RLUSD users access through 3 blockchains, while the stablecoin’s backing and redemption still depend on the institutions behind it. Summary Coinbase added RLUSD to its retail app, Exchange and Prime on October 28, with deposits and withdrawals supported on XRP Ledger, Ethereum and Base. Ripple said RLUSD had passed $2.4 billion in market value, while Coinbase Global Exchange collateral support will follow later. The issuer, reserve custodian and trading platform perform different roles in the route between a token balance and usable dollars. Coinbase gives customers another way to buy, hold and transfer RLUSD, but the route back to dollars still involves more than a blockchain transaction. The issuer manages the token’s backing and redemption, while the exchange and supported networks determine how customers can move and trade it. JUST IN: Ripple's stablecoin, $RLUSD, has been listed on CoinbaseUsers 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. pic.twitter.com/0cpA1Z0T5p— crypto.news (@cryptodotnews) October 28, 2...