Ripple RLUSD Stablecoin Debuts on Singapore’s Independent Reserve: Key Market Impact
RLUSD is live in Singapore, launched on December 22, 2024 on Independent Reserve (IR).
Big news as this is the first time a Singapore based licensed exchange has listed RLUSD. You can now trade RLUSD against SGD and USD.
Ripple’s Strategic Partnership with Independent Reserve
Independent Reserve’s CEO, Lasanka Perera said “RLUSD is an important asset for global liquidity and to address the growing demand for reliable digital currencies. As a regulated exchange in Singapore, we see RLUSD as a key tool for cross border payments and DeFi applications. We have a strong partnership with Ripple and have been working together for a long time.
Ripple’s RLUSD stablecoin is issued on both the XRP Ledger and Ethereum networks so it’s compatible with DeFi platforms. Dual issuance allows Ripple to tap into the massive DeFi ecosystem on Ethereum while using XRP’s speed and scalability for cross border payments.
Ripple RLUSD: Market Reaction and Future Outlook
RLUSD launched after its global debut on December 16, 2024 and XRP rose 3% to $2.24 with strong sentiment. XRP Futures Open Interest increased 6% as institutional investors and large traders took notice. RLUSD will drive broader adoption of Ripple’s stablecoin and increase the utility of XRP in the crypto space. With 1:1 to the US Dollar, RLUSD will be a trusted digital currency for financial services from remittances to institutional trading and should benefit Ripple’s stablecoin and XRP in the near term.
Key Insights:
- Ripple RLUSD launches on Singapore’s Independent Reserve, marking a key milestone.
- RLUSD offers seamless compatibility with Ethereum and XRP, supporting DeFi and cross-border payments.
- XRP’s value surged following RLUSD’s debut, with increased institutional interest.
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