RLUSD, the Ripple stablecoin, secures a listing on its first Singapore-based crypto exchange, Independent Reserve, as the platform grants its users access to the asset.
In the latest Ripple news today, The Ripple stablecoin, RLUSD, has officially launched on a major Asian exchange. Per a Tuesday announcement, Singapore users can now buy and use the stablecoin for pair trading and cross-border payments.
Independent Reserve announced it is the first Singapore exchange to bring the newly launched stablecoin to users in the region. The exchange noted that it allowed the use of RLUSD on its platform on December 22.
RLUSD Debuts in Singapore
Independent Reserve, which holds the position as the first licensed exchange in Singapore, noted that it offers the RLUSD stablecoin on its order book and over-the-counter (OTC) desk. This allows users to harness the asset’s full potential for trading and seamless cross-border payments.
Customers of Independent Reserve can buy and sell RLUSD on the order books using the Singapore dollar (SGD) or the US dollar (USD). The options allow users to acquire the XRPL-based stablecoin on the exchange conveniently.
Recall that Ripple confirmed that the stablecoin would debut on five exchanges initially, with planned support on additional exchanges like Independent Reserve later. Ripple’s CEO Brad Garlinghouse mentioned earlier that the Ripple stablecoin would later begin trading on Independent Reserve, Bullish, and Bitstamp.
Wen Ripple Integration?
Notably, Ripple has yet to integrate the RLUSD into its cross-border payment business. This means that retail traders have primarily driven the trading volume of stablecoins.
Nevertheless, the fintech firm announced it plans to draw institutional clients to the stablecoin early next year. The event could spell bullish momentum for the XRPL ecosystem, spurring a surge in transactions on the network.
Meanwhile, market observers expect RLUSD’s launch to boost XRP’s price considerably, but this remains speculative. Although XRP surged over 20% after approval from the New York Department of Financial Services (NYDFS) to launch the stablecoin, analyst Van Code speculated that the real XRP uptick would happen in the near term.
In the meantime, XRP trades at $2.25, up 3% in the past 24 hours.
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