Ripple and Robinhood Partner on RLUSD Stablecoin

Ripple says its RLUSD stablecoin will become “a key stablecoin across Robinhood’s digital asset ecosystem” under a new partnership announced on 27 October. RLUSD is live on Robinhood Chain and Bitstamp by Robinhood, according to Ripple, and is expected to reach the Robinhood app later this year.

The deal goes beyond the stablecoin. Ripple says Robinhood will also use Ripple Treasury to run its own cash, and that Ripple Prime will add perpetual futures trading on Bitstamp later in the year. “We’re expanding our partnership with @RobinhoodApp across $RLUSD, Ripple Prime and Ripple Treasury,” Ripple wrote on X.

What each side gets

According to Ripple’s release, the partnership has three parts:

RLUSD. Robinhood will use RLUSD on the XRP Ledger for institutional settlement, which Ripple says extends the stablecoin’s use across Bitstamp by Robinhood’s institutional business. Retail access through the Robinhood app is expected later this year; no date has been given.
Ripple Treasury. Robinhood will integrate Ripple’s treasury software for “cash and liquidity management, cash flow forecasting, payments, risk management and intercompany netting”.
Ripple Prime. This builds on an existing tie. Ripple says Prime already provides Bitstamp by Robinhood with lending and margin financing across roughly 20 digital assets, and gives Prime clients access to spot trading on Bitstamp.

“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, Ripple’s president.

Johann Kerbrat, who runs Robinhood Crypto and Robinhood’s international business, said in the release: “Utility is what moves stablecoins forward. Working with Ripple, Bitstamp and Robinhood will have access to RLUSD for institutional settlement, Ripple Treasury for our operations, and Ripple Prime for financing.”

Ripple’s numbers

All figures here are Ripple’s. It says RLUSD has grown to more than $2.4 billion in market capitalisation since it launched in December 2024, and that total stablecoin supply now exceeds $300 billion. It puts Robinhood’s base at 28.6 million funded customers worldwide, including institutional clients through Bitstamp. Neither company has said how many customers will be able to use RLUSD in the app, or shared any financial terms.

The announcement caps a busy stretch for Ripple. It says it has won final approval from the OCC for its national trust bank, Standard Chartered now holds RLUSD for institutional clients, and Ripple Prime recently launched round-the-clock perpetual swaps for institutions.

Why Robinhood is backing two dollar tokens

The awkward part of the deal is that Robinhood already has a stablecoin partner. As CoinDesk reported, Robinhood helped found the Global Dollar Network in 2024 to promote USDG, a rival dollar token issued by Paxos, with members sharing in the revenue it generates. The network said in July that USDG would be the default lending asset in Robinhood Earn, and on the same day as the Ripple news, Robinhood’s X account promoted Earn, telling users to “Lend USDG onchain via a self-custody wallet”.

CoinDesk said Robinhood had announced no change to its USDG arrangement and had not immediately answered questions on how the two tokens will sit side by side. Ripple’s release is silent on USDG.

The split so far looks functional rather than head-to-head. RLUSD is tied to institutional settlement on the XRP Ledger, Bitstamp’s business and Robinhood’s own treasury, while USDG holds the lending role in Earn. That suggests a large platform can carry more than one stablecoin when each has a job, and that distribution networks offering a revenue share are no guarantee of exclusivity. The real test comes when RLUSD lands in the retail app: whether Robinhood gives it equal billing with USDG, and on what terms, will show how far this partnership reaches beyond the institutional side.