Independent Reserve has made history as the first exchange in Singapore to list Ripple’s RLUSD, offering trading pairs in SGD and USD.
On Tuesday, Independent Reserve, one of the fully regulated cryptocurrency exchanges in Singapore announced that it added support for Ripple’s newly launched stablecoin RLUSD on December 22.
According to the announcement, this development allows users in the region to trade the digital asset with Singapore dollars (SGD) and US dollars (USD), facilitating seamless transactions and cross-border payments.
Singapore Welcomes RLUSD to Its Crypto Market
The stablecoin officially entered the crypto market on December 17, which is already dominated by the likes of Tether USD USDT $1.00 24h volatility: 0.0% Market cap: $148.45 B Vol. 24h: $43.98 B and Circle USD USDC $1.00 24h volatility: 0.0% Market cap: $62.13 B Vol. 24h: $9.89 B . At the time, Ripple CEO Brad Garlinghouse announced that the company had secured partnerships with other crypto companies across the United States, the United Kingdom, Asia, and the United Arab Emirates to bolster the adoption of the digital asset.
Following this announcement, Independent Reserve has become the first company in Singapore to list RLUSD for trading on its platform, showcasing its commitment to innovation and expanding the utility of digital assets.
The exchange disclosed that the stablecoin is available on its order books and over-the-counter (OTC) desk, providing users with flexible trading options.
While RLUSD’s debut on Independent Reserve is primarily targeted at retail traders, Ripple has ambitious plans to attract institutional clients in early 2025. The blockchain payment infrastructure provider said it plans to integrate the stablecoin into its cross-border payment solutions, designed for merchants and other corporate players.
Although the exact timeline for this addition was not announced, RLUSD is expected to drive significant transaction volumes across the XRPL network, potentially fueling further adoption of the stablecoin and Ripple’s ecosystem.
Market Impact and XRP Performance
The launch of RLUSD comes amid heightened market interest in stablecoins and Ripple’s broader ecosystem. XRP, Ripple’s native crypto, has experienced a steady uptick in price, trading at $2.25 as of December 24, up 3% over the past 24 hours. Analysts speculate that RLUSD’s adoption could provide additional upward momentum for XRP in the coming months.
Ripple’s approval from the New York Department of Financial Services (NYDFS) to launch RLUSD as a regulated stablecoin had previously sent XRP prices soaring by over 20%. However, experts like Van Code believe the real price rally is yet to come as institutional use of RLUSD gains traction.
Unlike many stablecoins backed by fiat reserves, RLUSD operates on the XRP Ledger (XRPL), leveraging Ripple’s blockchain infrastructure for enhanced scalability and speed. This makes RLUSD uniquely positioned for cross-border payments and institutional adoption, differentiating it from stablecoins like USDT or USDC, which primarily rely on traditional banking systems for their value backing.
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