Robinhood to bring Ripple's RLUSD stablecoin to its app this year, adopt Ripple Treasury

Robinhood will bring Ripple's U.S. dollar stablecoin RLUSD into both its retail and institutional businesses, the two companies said on Oct. 27, announcing a strategic partnership under which RLUSD is set to become available in the Robinhood app later this year. Robinhood will also use Ripple's treasury management software and institutional financing services.

From stablecoins to the corporate treasury

RLUSD is already live on Robinhood Chain, the blockchain Robinhood built, and on Bitstamp, the exchange Robinhood acquired. The companies said it would come to the Robinhood app used by retail customers later this year. The announcement covers three areas.

• RLUSD: coming to the Robinhood app later this year; Bitstamp will use RLUSD on the XRP Ledger (XRPL) for institutional settlement
• Ripple Treasury: adopted for Robinhood's own treasury operations (cash and liquidity management, cash flow forecasting, payments, risk management and intercompany netting)
• Ripple Prime: already provides Bitstamp with lending and margin financing across roughly 20 digital assets; perpetual futures trading on Bitstamp to be supported later this year

Ripple Prime is Ripple's institutional business offering financing, liquidity and market access. The two companies already had a relationship in those areas and have now extended it to stablecoins and Robinhood's own treasury. Ripple Prime clients can trade spot on Bitstamp. Robinhood completed its acquisition of Bitstamp in June last year, a deal that gave it its first institutional crypto business. At the time, Robinhood said Bitstamp held more than 50 active licenses and registrations globally.

"Utility is what moves stablecoins forward."

Johann Kerbrat, SVP and GM of Robinhood Crypto and International

"From bringing RLUSD to retail and institutional markets to helping Robinhood manage its own treasury operations, this partnership reflects growing institutional demand for integrated solutions that support both customer-facing offerings and core financial operations," said Monica Long, president of Ripple.

A USDG backer adds a rival stablecoin

Robinhood is already closely tied to another dollar stablecoin: USDG, issued by Paxos. In November 2024, Robinhood was one of the initial partners, alongside Paxos, Kraken, Galaxy Digital, Anchorage Digital, Bullish and Nuvei, that launched the Global Dollar Network built around USDG. Global Dollar has said USDG is the first stablecoin natively issued on Robinhood Chain and will be the default lending asset in Robinhood's onchain Robinhood Earn product.

The announcement did not say how the Robinhood app will handle RLUSD alongside USDG, or which customers will be able to use RLUSD in the app. Robinhood has 28.6 million funded customers globally.

RLUSD launched in December 2024. Ripple said RLUSD's market capitalization has grown to more than $2.4 billion and that total stablecoin supply exceeds $300 billion. A day earlier, on Oct. 26, Ripple received final approval from the U.S. Office of the Comptroller of the Currency (OCC) for its national trust bank, Ripple National Trust Bank. The bank will manage RLUSD reserves and provide digital asset custody.

Both RLUSD and USDG trade against the won on Upbit

In South Korea, both RLUSD and USDG are listed on Upbit's Korean won market. As of about 7:30 a.m. KST on Oct. 28, RLUSD traded at 1,333 won and USDG at 1,338 won on Upbit, while Tether (USDT) traded at 1,333 won. RLUSD also traded at 1,330 won on Bithumb. However, 24-hour trading value was about 6.2 million won for RLUSD and about 1.9 million won for USDG, far below Tether's roughly 65.5 billion won.

XRP, the native token of the XRP Ledger, traded at 1,764 won on Upbit at the same time, up 1.1% from the previous day. On Binance it traded at $1.3227, up 2.5% over 24 hours, and the Upbit price was about 0.6% above Binance's won-converted price, known as the kimchi premium (the gap between prices on Korean exchanges and global markets).