Independent Reserve (IR), Singapore’s first licensed cryptocurrency exchange, has made a significant move by listing Ripple’s new USD-backed stablecoin, Ripple USD (RLUSD). This makes IR the first exchange in Singapore to offer RLUSD to its customers.
From today, users of Independent Reserve Singapore can trade RLUSD on the platform’s order book and over-the-counter (OTC) desk. This new offering allows IR’s clients in Singapore to access cross-border liquidity solutions that are faster and more cost-effective, enhancing global transaction speeds.
RLUSD is a stablecoin pegged to the US dollar and is available on both the XRP Ledger and Ethereum networks. It can be used in various applications, including cross-border payments and decentralized finance (DeFi). The stablecoin is fully backed by US dollars, and Ripple will publish monthly third-party audits to confirm its reserve assets.
Lasanka Perera, CEO of Independent Reserve Singapore, expressed excitement about the growth of the stablecoin market, stating, “Stablecoins have proven to be a viable solution for facilitating payment transactions and supporting decentralized finance (DeFi). RLUSD offers a compelling solution for investors and financial institutions, enabling more efficient and secure capital movement.”
Perera also highlighted the strong partnership between Independent Reserve and Ripple, noting, “Ripple’s decision to launch its stablecoin on IR reflects the strong trust and mutual support we have built over the years.”
Customers can now buy and sell RLUSD with either Singapore dollars (SGD) or US dollars (USD) on the platform. The Ripple USD Reserve is held in a combination of USD fiat and short-term government securities at US-based financial institutions, ensuring the coin’s full backing.
Also Read: Ripple’s CTO Shares How RLUSD Boosts XRP Ledger for Users
