RLUSD stablecoin is expanding its list of exchange partners and it recently ventured into Singapore via Independent Reserve
A week after its official launch, Ripple’s RLUSD stablecoin is now on several cryptocurrency exchanges, including Independent Reserve, a top Singapore trading platform.
This is the first platform in Singapore to list the newly launched US dollar-pegged stablecoin. This underscores the confidence in RLUSD’s potential and increasing adoption rate.
RLUSD Sees Mainstream Adoption
Investors are optimistic about the capacity of the stablecoin to transform the digital asset ecosystem.
The other platforms where RLUSD was initially listed are MoonPay, Uphold, Bitso, Archax, and CoinMENA. The latest expansion milestone aligns with Ripple’s broader strategy to leverage RLUSD as a bridge between Decentralized Finance (DeFi) and traditional financial systems.
Due to the new development, users in the region can now trade digital assets with Singapore dollars (SGD) and US dollars (USD).
The goal is to facilitate seamless transactions and cross-border payments. Ripple designed RLUSD as a token that provides fast, efficient, and low-cost transactions. From the beta testing phase, it was launched on the Ethereum blockchain and XRP Ledger (XRPL).
By utilizing both blockchains, the team behind the development targeted swift onboarding for users.
RLUSD integration into the Independent Reserve signals a major step forward for the stablecoin in penetrating new markets. It also strengthens the position of the San Francisco-based blockchain payment firm in the digital asset and financial sectors.
RLUSD Stablecoin Licence, Impact on XRP
The offering received a license from the New York Department of Financial Services (NYDFS) about a week ago.
Shortly after, Ripple’s Senior Vice President of Stablecoins, Jack McDonald, noted that RLUSD will likely be the haven for people interested in digital currencies. This is especially true for those concerned about this volatile asset class.
“Stablecoins are a bit of a hybrid situation, where it walks and talks a lot like a U.S. dollar, but by its nature, is nowhere near as volatile as cryptocurrencies are,” he added.
Oftentimes, stablecoins like RLUSD are generally recognized as tools that help investors effectively circumvent volatility associated with digital assets.
They also help to provide liquidity in the burgeoning crypto market. Rather than pull XRP down, as suspected by many crypto enthusiasts, RLUSD could eventually draw the right attention toward the Ripple-associated token.
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