Independent Reserve lists Ripple USD (RLUSD) in Singapore, offering a secure, efficient, and regulated solution for global transactions.
Independent Reserve (IR), Singapore’s first licensed cryptocurrency exchange, has announced the listing of Ripple USD-backed stablecoin, Ripple USD (RLUSD). According to the announcement, customers in Singapore will be able to trade RLUSD on the platform starting on December 22, 2024. RLUSD will be available through IR’s OTC desk and order book making IR the first exchange in Singapore to launch the token. IR customers will be able to access cross border liquidity solutions with faster transactions and lower costs using this partnership.
RLUSD is a stablecoin pegged 1:1 to the US dollar. Both issued on the XRP Ledger and Ethereum networks, it is versatile for purposes such as cross-border payments and decentralized finance (DeFi). According to Lasanka Perera, CEO of Independent Reserve Singapore, the stablecoin market has grown. Stablecoins, he said, have proven effective for payment transactions and to support DeFi. RLUSD offers an efficient and secure infrastructure to investors and financial institutions to move capital more efficiently and in a secure way.
Ripple and Independent Reserve Strengthen Partnership with RLUSD Launch
Independent Reserve also highlighted the long history of the partnership with Ripple, Perera said. He said he is proud to be the first regulated exchange in Singapore to offer RLUSD. We have built strong trust and support over the years and this partnership reflects it. Independent Reserve has the ambition to use crypto and blockchain technology to rearchitect financial services in Singapore and beyond.
On the exchange’s order book and OTC desk, IR customers will be able to buy and sell RLUSD using Singapore dollars (SGD) and US dollars (USD). One of the industry’s strictest regulatory frameworks is the New York Department of Financial Services (NYDFS) limited purpose trust charter under which the stablecoin is issued. It means that RLUSD complies with certain safety and regulation requirements.
Ripple officially launched RLUSD on December 17, 2024 and is already live on several world exchanges such as Uphold, Bitso, and MoonPay. In the coming weeks, the company plans to list RLUSD on more platforms including Bullish and Bitstamp. However, Ripple’s CTO has warned users the price might fluctuate when the project launches. RLUSD’s price would stabilize at $1, he assured investors, after initial adjustments.
Finally, the listing of RLUSD with Independent Reserve represents a big step for the exchange, and also for the Singapore cryptocurrency market. This partnership with Ripple will give birth to more efficient and secure solution for global transactions.
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