Ripple RLUSD Stablecoin Goes Live on Singapore’s Major Exchange

Ripple’s RLUSD stablecoin has officially launched in Singapore, marking an important milestone for the company. The stablecoin became available on December 22, 2024, on Independent Reserve (IR), a licensed exchange in Singapore. This is the first time RLUSD has been listed on a Singapore-based platform, drawing significant attention from the crypto market.

RLUSD can now be traded against the Singapore dollar (SGD) and the US dollar (USD), creating new opportunities for traders and businesses in the region. These trading pairs make the stablecoin more versatile, appealing to both local and global audiences.

Ripple Partnership with IR

This launch is not just another addition to the growing list of stablecoins. It highlights Ripple’s strategic partnership with Independent Reserve, which has been a key player in the Asian crypto market.

The CEO of Independent Reserve, Lasanka Perera, mentioned that RLUSD is an important addition to the global crypto market. It offers better liquidity and is designed to meet the growing need for stable digital currencies that can be used for cross-border payments and decentralized finance (DeFi).

With RLUSD listed on both the exchange’s order book and over-the-counter (OTC) desk, users can easily buy and sell the stablecoin.

Compatibility with XRP Ledger and Ethereum

One of RLUSD’s standout features is its compatibility with two leading blockchain networks—XRP Ledger and Ethereum. This dual-network support enables Ripple to tap into Ethereum’s extensive DeFi ecosystem while utilizing the XRP Ledger for fast and cost-efficient international payments

• Also Read :

Market Reaction For RLUSD

RLUSD’s official launch comes just a week after its global debut on December 16, 2024, and it’s already having a noticeable effect on the market. XRP, Ripple’s native cryptocurrency, rose 2% to $2.23, showing positive sentiment among investors.

The growing interest from XRP whales—large investors—can be seen in the increase in XRP Futures open interest. This suggests that big players in the market are paying attention to Ripple’s move.

As more people start using RLUSD for trading and payments, Ripple’s role in global finance will likely grow, pushing both RLUSD and XRP to become more widely accepted in the mainstream.

Never Miss a Beat in the Crypto World!

Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

FAQs