As a seasoned crypto investor with roots deeply entrenched in the dynamic Asian market, I find the recent development of Ripple‘s stablecoin, RLUSD, entering the Singapore market through Independent Reserve particularly intriguing. Having witnessed the rapid growth and adoption of cryptocurrencies in this region, it comes as no surprise that Singapore, with its crypto-friendly regulations, is becoming a key player in the global crypto landscape.
The Ripple-backed stablecoin, known as RLUSD, has made a notable advancement, officially entering the financial market of Singapore. It’s Independent Reserve that is now the first licensed platform within Singapore to provide trading services for the RLUSD currency.
This development comes a week after Ripple launched RLUSD globally with the stablecoin debuting on some platforms.
Starting December 22, 2024, Independent Reserve (IR), a long-term collaborator with Ripple, will become the first cryptocurrency exchange in Singapore to list and trade RLUSD on its platform, both in its order book and over-the-counter desk. This announcement was made in an official press release.
Independent Reserve becomes the first cryptocurrency exchange in Singapore to add Ripple USD (RLUSD) to its listings! 🎉 IR’s customers in Singapore can now trade RLUSD with SGD and USD on our trading platform and OTC desk. Learn more about it here: [link]
— Independent Reserve (@indepreserve) December 24, 2024
Users of Independent Reserve Singapore can now purchase and sell RLUSD using either Singapore Dollars (SGD) or U.S. Dollars (USD), with trades being facilitated through the exchange’s order book and Over-The-Counter (OTC) trading desk.
The digital currency RLUSD, which holds an equivalent value to a single U.S. dollar, can be found on both the XRP Ledger and Ethereum blockchain systems. It’s versatile and can be employed in various scenarios such as cross-border transactions or decentralized banking solutions.
On December 17, Ripple USD (RLUSD) was launched worldwide, initially available for use on sites like Uphold, MoonPay, CoinMENA, Archax, and Bitso. More platforms are expected to add support for RLUSD in the upcoming weeks.
Ripple driving adoption in Singapore
Due to Singapore’s supportive regulatory atmosphere towards cryptocurrencies, it has played a crucial role in Ripple’s worldwide operations. Therefore, the listing of RLUSD (Ripple USD) remains noteworthy and important.
A significant portion of Ripple’s operations takes place outside of the U.S.; Singapore, along with the wider Asia Pacific region, is a particularly swiftly expanding market for them. Consequently, Ripple continues to focus on the Asia Pacific area when it comes to increasing adoption of its cryptocurrency payment services.
In 2023, Ripple obtained a significant license for a payments institution in Singapore, marking an expansion of their operations within the Asia-Pacific region. Since 2017, with this full license, Ripple has been offering regulated cryptocurrency payment services from its headquarters in Singapore, which serves as their base in the Asia-Pacific area.
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2024-12-24 16:36