Independent Reserve First in Singapore to List Ripple’s RLUSD Stablecoin

Independent Reserve, a prominent cryptocurrency exchange, has become the first platform in Singapore to list Ripple’s newly launched USD-backed stablecoin, RLUSD. This development was announced on December 23, 2024, marking a significant step for both Ripple and Independent Reserve in expanding the stablecoin’s reach in Asia.

RLUSD, which was officially launched on December 17, 2024, is designed to maintain a constant value of one US dollar and is issued on both the XRP Ledger and Ethereum blockchains. It is fully backed by a reserve of cash and cash equivalents, including US dollar deposits and short-term US Treasury bills. The listing on Independent Reserve allows Singaporean users to trade RLUSD against both Singapore dollars (SGD) and US dollars (USD) on the exchange’s order book and over-the-counter (OTC) desk.

This move by Independent Reserve underscores the growing acceptance of stablecoins in the financial ecosystem, particularly in regions like Singapore, which is known for its progressive stance on cryptocurrency and blockchain technology. The exchange’s CEO, Lasanka Perera, emphasized the potential of RLUSD to facilitate seamless and efficient cross-border payments, highlighting its utility in decentralized finance (DeFi) applications.

The addition of RLUSD to Independent Reserve’s platform is expected to enhance liquidity for the stablecoin, potentially attracting more institutional and retail investors. Ripple’s commitment to transparency is evidenced by its plan to publish monthly third-party attestations of RLUSD’s reserve assets, aiming to build trust among users.

This listing comes at a time when the stablecoin market is witnessing significant growth, with RLUSD positioning itself as a competitor to established stablecoins like USDT and USDC. Independent Reserve’s decision to be the first in Singapore to offer RLUSD trading could set a precedent for other exchanges in the region to follow suit, fostering further adoption of blockchain-based financial instruments.

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