Ripple RLUSD stablecoin is now available on Independent Reserve in Singapore.
Users can trade RLUSD against SGD and USD on the platform.
Ripple’s RLUSD stablecoin has officially debuted on Singapore’s first licensed crypto exchange, Independent Reserve (IR). The stablecoin became available on December 22, 2024, for trading against the Singapore dollar (SGD) and the US dollar (USD). This launch highlights Singapore’s growing role as a hub for crypto innovation and regulation.
Independent Reserve is the first #crypto exchange in #Singapore to list #stablecoin Ripple USD (RLUSD)! IR #SG customers can trade #RLUSD in #SGD & #USD on our order book and OTC desk.Learn more here: https://t.co/08z1Asdl3q pic.twitter.com/ZM1zHW6OJd
— Independent Reserve (@indepreserve) December 24, 2024
Independent Reserve announced that users can trade RLUSD on its order book and OTC desk. This marks the first listing of the Ripple stablecoin by a regulated exchange in Singapore. RLUSD offers seamless compatibility with the XRP Ledger and Ethereum networks, enabling its use in decentralized finance (DeFi) and cross-border payments.
Lasanka Perera, CEO of Independent Reserve Singapore, emphasized the importance of this partnership. He noted that RLUSD enhances global liquidity by providing a secure and efficient solution for financial institutions and investors. Ripple’s decision to partner with IR reflects the strong mutual trust built between the two entities.
RLUSD Stablecoin Gains Momentum
RLUSD is pegged one-to-one with the US dollar and is fully backed by fiat reserves and short-term government securities. Ripple will publish monthly third-party audits to maintain transparency about the reserves. The stablecoin’s dual-network support allows Ripple to tap into Ethereum’s vast DeFi ecosystem while leveraging the XRP Ledger’s speed and cost efficiency for international transactions.
Ripple launched RLUSD globally on December 16, 2024. Since then, it has gained traction across platforms like Uphold, MoonPay, CoinMENA, Archax, and Bitso. The Singapore listing represents a strategic step in Ripple’s expansion across the Asia-Pacific region, which has been pivotal to its business growth.
RLUSD’s launch has already impacted the market positively. Ripple’s native token, XRP, rose 2.94% to $2.30, signaling investor optimism. The increasing interest from institutional players and XRP whales suggests a promising future for RLUSD and Ripple’s ecosystem.
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