Independent Reserve Lists Ripple’s RLUSD Stablecoin for Trading in Singapore
On Tuesday, Independent Reserve, a regulated cryptocurrency exchange in Singapore, announced support for Ripple's newly launched stablecoin RLUSD, effective December 22.
This development enables users to trade RLUSD with Singapore dollars (SGD) and US dollars (USD), facilitating transactions and cross-border payments. The stablecoin officially entered the market on December 17, joining established tokens like Tether USD #USDT and Circle USD #USDC. Ripple CEO Brad Garlinghouse revealed partnerships with crypto companies across the U.S., U.K., Asia, and UAE to enhance RLUSD's adoption.
Singapore Welcomes RLUSD to Its Crypto Market
Independent Reserve is the first exchange in Singapore to list RLUSD, demonstrating its commitment to innovation. The stablecoin is available on its order books and over-the-counter (OTC) desk, offering flexible trading options.
While RLUSD's initial focus is on retail traders, Ripple aims to attract institutional clients by early 2025, planning to integrate the stablecoin into its cross-border payment solutions for merchants and corporations. Although specific timelines were not provided, RLUSD is expected to increase transaction volumes on the XRPL network, promoting further adoption of both the stablecoin and Ripple's ecosystem.
Market Impact and XRP Performance
The launch of RLUSD coincides with increased interest in stablecoins and Ripple's ecosystem. XRP, Ripple’s native cryptocurrency, was trading at $2.25 as of December 24, up 3% over the past 24 hours. Analysts suggest that RLUSD's adoption could provide upward momentum for XRP in the coming months.
Ripple received approval from the New York Department of Financial Services (NYDFS) to launch RLUSD as a regulated stablecoin, which previously boosted XRP prices by over 20%. Experts believe that significant price increases may occur as institutional use of RLUSD develops.
RLUSD operates on the XRP Ledger (XRPL), utilizing Ripple’s blockchain infrastructure for improved scalability and speed, distinguishing it from stablecoins like USDT and USDC that rely on traditional banking systems for value backing.