Independent Reserve (IR) announced today in a press release that it is the first licensed exchange in Singapore that will introduce Ripple’s USD-backed stablecoin RLUSD to its trading platform. The trading began from December 22, 2024 for the customers of Independent Reserve Singapore on both the platform’s order book and OTC desk.
Payments with Ripple’s RLUSD
The RLUSD, which is pegged 1:1 with the US dollar, is issued on XRP Ledger and Ethereum blockchain networks. This dual issuance increases the utility of the coin and because of the same reason the stablecoin can be used for various application that can vary from cross-border payments to decentralized finance (DeFi).
Lasanka Perera, CEO of Independent Reserve Singapore said “The stablecoin market has seen tremendous growth in the past few years, showing that stablecoins have found their product-market fit. 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.
IR sees RLUSD offering to its customers as a important step for the exchange platform and Ripple choosing IR to launch their stablecoin indicates the trust and support that has been built over the year between the two firms.
Security and Transparent Access to RLUSD
RLUSD is being regulated by one of the most stringent regulatory bodies, New York Department of Financial Services (NYDFS) which will ensure the security aspect of the transactions.
For transparency, Ripple will publish monthly third-party attestations of RLUSD’s reserve assets, conducted by independent auditing firm.
Independent Reserve is positioning itself as a strong contender with RLUSD launch in the crypto market and it also highlights the efforts made by Singapore’s Independent Reserve towards digital innovation.
Also Read: XRP Price Outpaces Altcoins with Record Volume and 100% Growth Forecast
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