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Ripple stablecoin, RLUSD, has achieved a significant milestone, marking its entry into the Singapore market. Independent Reserve has become the first regulated exchange to offer RLUSD in Singapore.
This development comes a week after Ripple launched RLUSD globally with the stablecoin debuting on some platforms.
A long-standing partner of Ripple, Independent Reserve (IR), will be Singapore’s first licensed crypto exchange to offer RLUSD on its order book and OTC desk. According to a press release, RLUSD will be available for trading on Independent Reserve Singapore from Dec. 22, 2024.
Customers of Independent Reserve Singapore will be able to buy and sell RLUSD using Singapore dollars (SGD) or U.S. dollars (USD) on the order book and OTC desk.
RLUSD, a stablecoin valued one-to-one with the U.S. dollar, is issued natively on both the XRP Ledger and Ethereum networks and may be used in several applications and use cases, from cross-border payments to decentralized banking.
Tomiwabold OlajideRipple USD (RLUSD) went live globally on Dec. 17, initially on platforms such as Uphold, MoonPay, CoinMENA, Archax and Bitso, with additional listings likely in the coming weeks.
Ripple driving adoption in Singapore
Singapore has been pivotal to Ripple’s global business due to its crypto-friendly regulatory environment, hence, the RLUSD listing remains significant.
The majority of Ripple's business is conducted outside of the United States; Singapore, and to a greater extent the broader Asia Pacific, remains one of its fastest-growing markets. Thus, Ripple continues to prioritize the Asia Pacific region for the adoption of its crypto payment services.
Ripple secured a a major payments institution license in Singapore in 2023, as part of a strategic expansion of its operations in the Asia-Pacific area. With the full license, Ripple has provided regulated cryptocurrency payment services in Singapore, its Asia-Pacific headquarters, since 2017.
Yuri Molchan
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya