Ripple's RLUSD stablecoin debuts on regulated exchange in Singapore

Ripple (CRYPTO:XRP) has introduced its USD-backed stablecoin, Ripple USD (CRYPTO:RLUSD), in Singapore through the regulated crypto exchange Independent Reserve (IR), advancing cross-border liquidity solutions.

As the first exchange in Singapore to list Ripple USD, Independent Reserve provides clients with access to faster and cost-efficient international transactions using the stablecoin, integrated with XRP Ledger and Ethereum (CRYPTO:ETH) networks.

Ripple USD is pegged 1:1 with the US dollar, ensuring stability and enabling applications for global payments, decentralised finance (DeFi), and financial institution transactions.

This addition gives users the ability to benefit from enhanced speed, reduced costs, and seamless liquidity in global financial operations.

“The stablecoin market has seen tremendous growth in the past few years, showing that stablecoins have found their product-market fit. RLUSD offers a compelling solution for investors and financial institutions, enabling more efficient and secure capital movement,” Lasanka Perera, CEO of Independent Reserve Singapore, said.

“As long-standing partners of Ripple, we are proud to be the first regulated exchange to offer Ripple USD in Singapore. Ripple’s decision to launch its stablecoin on IR reflects the strong trust and mutual support we have built over the years,” Perera highlighted, praising the long standing partnership with Ripple.

Ripple USD is issued under the New York Department of Financial Services (NYDFS) limited-purpose trust charter, a regulatory framework known for its stringent standards, ensuring credibility and compliance.

Ripple has backed Ripple USD with USD fiat and cash equivalents like treasury bills, with monthly attestations conducted by independent auditors to verify reserves, reinforcing transparency.

Customers of Independent Reserve can trade Ripple USD against Singapore dollars (SGD) and US dollars (USD), expanding access to global trading opportunities.

Ripple USD’s entry into Singapore’s stablecoin market reflects its strategy to address inefficiencies in traditional payment systems, leveraging Ripple USD for innovation in cross-border finance.

This development strengthens Ripple USD’s position as a key tool for DeFi, payments, and global liquidity solutions, providing value for both individual and institutional users.

Ripple’s partnership with Independent Reserve highlights its dedication to compliance, trust, and delivering innovative financial solutions through regulated platforms.

The launch of Ripple USD on Independent Reserve marks a milestone in advancing stablecoin adoption in Singapore, unlocking new possibilities for secure and efficient global financial operations.

At the time of reporting, Ripple USD (RLUSD) price was $0.9893.