Independent Reserve Lists Ripple USD (RLUSD) in Singapore, Offering a Secure, Efficient, and Regulated Solution for Global Transactions

Independent Reserve (IR), Singapore’s first licensed cryptocurrency exchange, has announced the listing of Ripple USD-backed stablecoin, Ripple USD (RLUSD).

Singapore’s first licensed cryptocurrency exchange, Independent Reserve, has announced the listing of Ripple USD (RLUSD), a stablecoin backed by Ripple USD.

Customers in Singapore will be able to trade RLUSD on the platform starting on December 22, 2024. The stablecoin will be available through IR’s OTC desk and order book, making IR the first exchange in Singapore to launch the token.

According to the announcement, this partnership will provide customers of Independent Reserve with cross border liquidity solutions, enabling faster transactions and lower costs.

Pegged 1:1 to the US dollar, RLUSD is a versatile stablecoin that can be used for various purposes, including cross-border payments and decentralized finance (DeFi).

“The stablecoin market has grown significantly over the last few years, and stables have proven to be very effective, especially for payment transactions and to support DeFi,” said Lasanka Perera, CEO of Independent Reserve Singapore.

“RLUSD offers an efficient and secure infrastructure to investors and financial institutions to move capital more efficiently and in a secure way, which aligns well with IR’s strengths and goals.”

Highlighting the long partnership between Independent Reserve and Ripple, Perera added, “We are proud to be the first regulated exchange in Singapore to launch RLUSD.”

“Over the years, we have built a strong relationship of trust and support, and this partnership is a testament to that. Independent Reserve is driven by the ambition to use crypto and blockchain technology to rearchitect financial services in Singapore and beyond.”

On the exchange’s order book and OTC desk, IR customers will be able to buy and sell RLUSD using Singapore dollars (SGD) and US dollars (USD).

The stablecoin is issued under the New York Department of Financial Services (NYDFS) limited purpose trust charter, which is known for having one of the industry’s strictest regulatory frameworks.

This ensures that RLUSD complies with certain safety and regulation requirements.

Ripple officially launched RLUSD on December 17, 2024, and it is already live on several world exchanges, including Uphold, Bitso, and MoonPay.

The company plans to list RLUSD on more platforms, including Bullish and Bitstamp, in the coming weeks.

However, Ripple’s CTO has warned users that the price may fluctuate when the project launches.

After the initial adjustments, RLUSD’s price will stabilize at $1, he assured investors.

The listing of RLUSD with Independent Reserve is a significant development for the exchange and the Singapore cryptocurrency market.

This partnership will pave the way for more efficient and secure solutions for global transactions.