Ripple RLUSD Stablecoin Launches On Singapore First Exchange: Key Details
Highlights
- Ripple RLUSD stablecoin marked its debut in the Singapore market.
- The stablecoin launches on Independent Reserve (IR) in Singapore.
- Investors can trade RLUSD against SGD and USD on the Singapore-based crypto exchange.
Ripple RLUSD Stablecoin has marked its debut in the Singapore market, gaining notable traction from investors. According to recent updates, the stablecoin noted its first listing from the leading Singapore crypto exchange, Independent Reserve (IR). Meanwhile, this comes after a week the stablecoin marked its global launch on December 16, which has sparked significant discussions in the broader crypto market.
Ripple RLUSD Stablecoin Marks Independent Reserve Listing
Ripple RLUSD stablecoin marked its launch on the Independent Reserve recently, sparking optimism in the market. The exchange recently announced the addition of the stablecoin on its trading platform, making it accessible via both its order book and OTC desk. This marks the first time a Singapore-based licensed exchange has embraced the Ripple stablecoin, emphasizing the country’s growing reputation as a crypto innovation hub.
According to the announcement, users can trade the stablecoin against Singapore dollars (SGD) and US dollars (USD) on Independent Reserve from December 22, 2024. Lasanka Perera, CEO of Independent Reserve Singapore, highlighted the stablecoin’s potential to enhance global liquidity. He noted that stablecoins like RLUSD provide secure and efficient solutions for financial institutions and investors, addressing the increasing demand for reliable crypto assets. He stated:
“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. Independent Reserve is proud to be the first regulated exchange in Singapore to offer secure and reliable access to RLUSD, staying true to our mission of leveraging crypto and blockchain technology to transform financial services.”
Meanwhile, the stablecoin’s dual issuance on the XRP Ledger and Ethereum networks ensures seamless compatibility with DeFi applications and robust support for cross-border payments. With its one-to-one valuation against the US dollar, Ripple’s stablecoin stands out as a trustworthy digital currency for various financial use cases.
A Closer Look Into Ripple’s Development
Ripple RLUSD stablecoin marked its global launch on December 16, which has gained significant attention from investors. Besides, it also comes in tandem with CEO Brad Garlinghouse’s previous social media post, where he said that the stablecoin would mark its listing on Independent Reserve soon.
Meanwhile, this development appeared to have boosted the market confidence significantly, as evidenced by the surge in XRP. For context, XRP price today was up around 3% and exchanged hands at $2.24, after touching a 24-hour high of $2.27. Besides, XRP Futures Open Interest rose about 6%, indicating strong market interest.
In addition, the XRP whales are also on a buying spree, as evidenced by the recent trading activity of XRP. Besides, with the rising demands of the stablecoin, Ripple RLUSD stablecoin is expected to witness increasing adoption ahead. Simultaneously, it could also boost Ripple’s native crypto, XRP’s value in the coming days.
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