The post Ripple RLUSD Stablecoin Goes Live on Singapore’s Major Exchange appeared first on Coinpedia Fintech News
Ripple’s RLUSD stablecoin has officially launched in Singapore, marking a significant milestone in its journey. The stablecoin went live on December 22, 2024, on Independent Reserve (IR), a licensed exchange in Singapore. This is the first time RLUSD is available on a Singapore-based exchange, and it’s already making waves.
The stablecoin can now be traded against both the Singapore dollar (SGD) and the US dollar (USD), opening up new opportunities for both traders and businesses in the region.
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.
RLUSD Compaibitly With XRP & ETH
One of the standout features of RLUSD is its compatibility with two major blockchain networks, XRP Ledger and Ethereum. This dual issuance allows allows Ripple to take advantage of Ethereum’s large DeFi market, while also benefiting from XRP’s fast and efficient system for international transactions.
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.