Ripple’s US dollar-backed stablecoin, Ripple USD, has made its Singapore debut on regulated exchange Independent Reserve, opening the way for faster and more cost-effective cross-border transactions.
Ripple Launches in US Dollar in Singapore – Independent Reserve Opens Door to Seamless Liquidity
Independent Reserve (IR), a licensed cryptocurrency exchange in Singapore, announced on Tuesday the launch of Ripple USD (RLUSD), Ripple’s new USD-backed stablecoin, on its platform. The move confirms Independent Reserve as the first exchange in Singapore to list RLUSD, cementing its position as a leading regulated player in the digital asset market, the announcement describes.
The Independent Reserve noted that it is “the first exchange in Singapore to offer RLUSD as part of its order book and OTC desk,” explaining:
This will allow IR clients in Singapore to access a seamless and efficient cross-border liquidity solution and enable them to conduct global transactions with greater speed and reduced costs.
The company explained that by using RLUSD, customers can benefit from faster and cheaper international transfers, and take advantage of the stablecoin’s integration with the XRPLedger and Ethereum networks. RLUSD, which is pegged 1:1 to the US dollar, will also serve a wide range of use cases, including payments and decentralized finance (defi) applications.
Lasanka Perera, CEO of Independent Reserve Singapore, highlighted the significance of this development, saying: “The stablecoin market has seen tremendous growth in the past few years, demonstrating that stablecoins have found their niche in the product market. Stablecoins have proven to be a viable solution for facilitating payment transactions and supporting decentralized finance (defi). RLUSD offers a compelling solution for investors and financial institutions, enabling more efficient and secure capital movement.”
Pereira also emphasized the strong partnership between Independent Reserve and Ripple, describing the listing as a reflection of the trust between the two companies. The CEO emphasized:
As a long-standing partner of Ripple, we are proud to be the first regulated exchange to offer Ripple USD in Singapore. Ripple’s decision to launch its stablecoin on IR reflects the strong trust and mutual support we have built over the years.
Customers will be able to trade RLUSD against Singapore Dollar (SGD) or US Dollar (USD). RLUSD is issued under a limited purpose trust charter of the New York Department of Financial Services (NYDFS), known for its stringent regulatory framework. Ripple’s reserves backing RLUSD consist of fiat US dollars and cash equivalents such as treasury bills, with monthly certifications published by independent auditors.