📢 Ripple's RLUSD has obtained a 'Payment Service License' in Singapore, marking a new chapter for stablecoins!!
The stablecoin market continues to expand, with new options emerging to meet the diverse needs of users.
Recently, Ripple took an important step by launching its stablecoin RLUSD on Singapore's Independent Reserve (IR).
This initiative was officially released on December 22, 2024, marking the debut of RLUSD on the Singapore platform, opening new doors for traders and companies in the region.
Independent Reserve (IR) has become Singapore's first cryptocurrency exchange to obtain licenses for all investors, confirming its leading position in the listing of Ripple Dollar-supported stablecoin RLUSD.
Ripple has obtained a 'Payment Service License' in Singapore, allowing it to provide cryptocurrency services. Starting from December 22, 2024, customers of Singapore's Independent Reserve Bank can trade RLUSD on the platform.
The availability of RLUSD on Independent Reserve allows the stablecoin to be traded against the Singapore Dollar (SGD) and the US Dollar (USD).
This dual pairing option provides users with greater flexibility and facilitates transactions involving RLUSD. This indicates Ripple's commitment to expanding the reach of its stablecoin and strengthening its influence in the Asian market.
This release marks an important milestone in Ripple's strategic partnership with Independent Reserve.
IR is considered a key player in the Asian cryptocurrency market. The collaboration between the two companies aims to promote the adoption of RLUSD and provide innovative solutions for the cryptocurrency ecosystem.
Lasanka Perera, CEO of Singapore's Independent Reserve Bank, emphasized: "The stablecoin market has seen tremendous growth in recent years, indicating that stablecoins have found their product-market fit.
RLUSD offers an attractive solution for investors and financial institutions, enabling more efficient and secure capital flows."
As of press time, RLUSD is quoted at $1.01, up 2.4% in the last 24 hours.