Ripple RLUSD Stablecoin Launches on Independent Reserve

First-Ever Launch of Ripple RLUSD Stablecoin

Ripple RLUSD Stablecoin Launch on Singapore’s First Exchange

Ripple RLUSD Stablecoin marks its debut on the first exchange of Singapore, Independent Reserve. This has brought immense market optimism, further aiding the growing demand for stablecoins.

This is the first listing for the stablecoin. This is around a week after RLUSD was globally launched on Dec.16, sparking significant speculations in the broader crypto market.

The exchange, IR, announced the listing news. The coin is now accessible via both the OTC desk and its order book. It is for the first time that a Singapore’s licensed exchange is embracing the Ripple stablecoin, reiterating the country’s reputation as a crypto hub.

Now, the users can trade RLUSD against Singapore dollars (SGD) as well as US dollars (USD) on IR. IR’s CEO, Lasanka Perera highlighted the stablecoin’s potential in enhancing global liquidity, citing the stablecoins’ ability to securing solutions for financial institutions and investors, and addressing reliable crypto assets’ rising demand.       

Dual issuance on the XRP Ledger and Ethereum networks of the stablecoin ensures robust support for cross-border payments and seamless compatibility with DeFi apps. The RLUSD seems trustworthy for several use cases in finance with its one-to-one valuation against the US dollar.

Impact On The Market

The news of the launch on IR was also posted on social media by CEO Brad Garlinghouse. The market confidence is boosted, with XRP surging high. XRP price today was up by 3% and even touched a 24-hour high of $2.27. XRP Futures Open interest also increased by 6%.

Even the XRP whales are also on a buying spree. Ripple RLUSD stablecoin may witness increasing adoption ahead and can boost Ripple’s native XRP’s value on Christmas and the following days.