Ripple’s RLUSD Arrives in Singapore: A New Chapter for the Stablecoin

The stablecoin market continues to expand, with new options emerging to meet the diverse needs of users. Recently, Ripple took an important step by launching its stablecoin, RLUSD, on a major Singaporean exchange, Independent Reserve (IR). This launch , which took place on December 22, 2024, marks the debut of RLUSD on a Singapore-based platform, opening new doors for traders and businesses in the region.

“Independent Reserve (IR) – Singapore’s first licensed cryptocurrency exchange for all investors is pleased to affirm its leadership position in the listing of Ripple’s USD-backed stablecoin, Ripple USD (RLUSD). Independent Reserve Singapore customers can trade RLUSD on the platform from 22 December 2024,” it said in its official statement.

The availability of RLUSD on the Independent Reserve allows the stablecoin to be traded against both the Singapore Dollar (SGD) and the US Dollar (USD). This dual pairing option provides users with greater flexibility and makes it easier to trade RLUSD. This move demonstrates Ripple’s commitment to expanding the reach of its stablecoin and strengthening its presence in the Asian market.

“IR will be the first exchange in Singapore to offer RLUSD as part of its order book and OTC desk. This will enable IR’s clients in Singapore to access an efficient and seamless cross-border liquidity solution and enable them to conduct global transactions with greater speed and reduced costs.”

This launch marks a significant milestone in the strategic partnership between Ripple and Independent Reserve. IR is recognized as a key player in the Asian cryptocurrency market. The collaboration between the two companies aims to drive adoption of RLUSD and offer innovative solutions for the crypto ecosystem.

Lasanka Perera, CEO of Independent Reserve Singapore, commented on the launch highlighting: “The stablecoin market has seen tremendous growth in recent 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.”

At the time of publication, the price of RLUSD is quoted at $1,01 with a 2.4% increase in the last 24 hours.