Ripple RLUSD Stablecoin Launches On Singapore First Exchange: Key Details

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As a seasoned researcher with over two decades of experience in the ever-evolving digital economy, I find myself intrigued by the latest development in the crypto market – the listing of Ripple RLUSD stablecoin on Independent Reserve Singapore. Having closely observed the rise and fall of various cryptocurrencies, it’s refreshing to see a well-established player like Ripple making strides in this space.

The Ripple-issued RLUSD Stablecoin made its entry into the Singapore market, attracting interest from investors. As per current reports, it was initially listed on the prominent Singaporean cryptocurrency exchange, Independent Reserve (IR). Notably, this happened a week after the stablecoin’s worldwide debut on December 16, an event that generated considerable buzz within the broader crypto community.

Ripple RLUSD Stablecoin Marks Independent Reserve Listing

The Ripple RLUSD stablecoin made its debut on Independent Reserve’s platform not long ago, generating excitement in the marketplace. This digital coin is now available for trading both through their order book and OTC desk, thanks to the exchange’s recent announcement. Importantly, this is the first time a Singapore-licensed exchange has supported Ripple stablecoin, underlining the nation’s burgeoning status as a pioneer in cryptocurrency innovation.

As per the recent announcement, it’s now possible to trade the stablecoin against both Singapore dollars (SGD) and US dollars (USD), starting from December 22, 2024 on Independent Reserve. Lasanka Perera, CEO of Independent Reserve Singapore, emphasized the potential of this stablecoin to boost global liquidity. He pointed out that stablecoins such as RLUSD offer secure and streamlined options for financial institutions and investors, catering to the growing need for dependable cryptocurrencies. In his words:

For a long time, we’ve been partners with Ripple, and we’re thrilled to announce that we are the first regulated exchange to provide Ripple USD in Singapore. This move by Ripple to launch its stablecoin on IR demonstrates the solid trust and collaborative relationship we’ve fostered over the years. As the first regulated exchange in Singapore offering secure and dependable access to RLUSD, Independent Reserve remains committed to our mission: using cryptocurrency and blockchain technology to revolutionize financial services.

Simultaneously, the stablecoin’s two-tier issuance on the XRP Ledger and Ethereum platforms allows for effortless integration with DeFi applications and strong backing for cross-border transactions. Its equal value to the US dollar makes Ripple’s stablecoin a reliable digital currency for multiple financial applications.

A Closer Look Into Ripple’s Development

On December 16, Ripple’s RLUSD stablecoin made its worldwide debut, catching the eye of many investors. Moreover, this launch coincides with a recent social media announcement by CEO Brad Garlinghouse, who hinted at an upcoming listing of the stablecoin on Independent Reserve.

In the meantime, this development seemed to greatly enhance market confidence, as can be seen in the rise of XRP’s price. To provide some context, the current price of XRP was approximately 3% higher, trading at $2.24, having reached a daily peak of $2.27. Moreover, there was a roughly 6% increase in the open interest for XRP Futures, suggesting a high level of market engagement.

Moreover, large XRP investors (XRP whales) are actively purchasing XRP, as indicated by recent trading patterns of the cryptocurrency. Furthermore, due to growing interest in stablecoins, it’s anticipated that Ripple’s USD- pegged stablecoin, RLUSD, will see a surge in usage. This rise could potentially lift the value of XRP in the near future as well.

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2024-12-24 13:06