Ripple’s USD-backed stablecoin, Ripple USD, debuts in Singapore on regulated exchange Independent Reserve, unlocking faster, cost-efficient cross-border transactions.
Ripple USD Debuts in Singapore – Independent Reserve Unlocks Seamless Liquidity
Independent Reserve (IR), a licensed crypto exchange in Singapore, announced on Tuesday the launch of Ripple USD (RLUSD), Ripple’s new USD-backed stablecoin, on its platform. This move establishes Independent Reserve as the first exchange in Singapore to list RLUSD, reinforcing its position as a leading regulated player in the digital asset market, the announcement describes.
Noting that it is “the first exchange in Singapore to offer RLUSD as part of its order book and OTC desk,” Independent Reserve detailed:
This will allow IR’s clients in Singapore access to a seamless and efficient cross-border liquidity solution and enable them to conduct global transactions with enhanced speed and reduced costs.
By utilizing RLUSD, clients can benefit from faster and cheaper international transfers, taking advantage of the stablecoin’s integration with the XRP Ledger and Ethereum networks, the company explained. RLUSD, pegged 1:1 with the U.S. dollar, will also serve a broad range of use cases, including payments and decentralized finance (defi) applications.
Lasanka Perera, CEO of Independent Reserve Singapore, highlighted the importance of this development, stating: “The stablecoin market has seen tremendous growth in the past few years, showing that stablecoins have found their product-market fit. 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.”
Perera also emphasized the strong partnership between Independent Reserve and Ripple, describing the listing as a reflection of trust between the two firms. The executive stressed:
As long-standing partners 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 have the ability to trade RLUSD against Singapore dollars (SGD) or U.S. dollars (USD). RLUSD is issued under the New York Department of Financial Services (NYDFS) limited-purpose trust charter, recognized for its rigorous regulatory framework. Ripple’s reserves backing RLUSD consist of USD fiat and cash equivalents such as Treasury Bills, with monthly attestations published by independent auditors.
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