Robinhood taps Ripple’s $2.5 billion RLUSD stablecoin despite backing rival USDG

The Global Dollar Network, founded in 2024, brings together companies that help distribute USDG and share in the revenue it generates. The arrangement gives members a financial incentive to promote USDG, but Robinhood’s partnership with Ripple shows that those incentives do not preclude members from offering competing stablecoins. Other founding members included Kraken, Galaxy Digital, Anchorage Digital and CoinDesk's parent company, Bullish. Arbitrum joined earlier this month.

Robinhood has already given USDG a role in its products. In July, the consortium announced that USDG would be the default lending asset for Robinhood Earn, its onchain lending product.

Robinhood did not announce any changes to its USDG agreement, and it remains unclear whether RLUSD will be offered alongside USDG in the same products.