Ripple’s RLUSD Makes First Appearance on Singapore Crypto Exchange

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As a seasoned researcher with a penchant for exploring the dynamic world of cryptocurrencies and blockchain technology, I find the recent addition of RLUSD to Independent Reserve’s platform an intriguing development. Having closely followed Ripple‘s journey since its inception, it’s fascinating to witness the company’s strategic moves to establish a strong foothold in the competitive stablecoin market.

On Tuesday, it was announced by Independent Reserve, a fully regulated cryptocurrency exchange based in Singapore, that they had started supporting Ripple’s recently launched stablecoin, RLUSD, as of December 22.

As per the news, this advancement enables users within the specified area to trade the digital currency using both Singaporean Dollars (SGD) and U.S. Dollars (USD). This makes transactions and cross-border payments effortlessly smooth.

Singapore Welcomes RLUSD to Its Crypto Market

The stablecoin made its debut in the cryptocurrency market on December 17, joining an established sector led by Tether USD (USDT) and Circle USD (USDC). At that time, Ripple’s CEO, Brad Garlinghouse, declared that the company had successfully forged partnerships with various crypto firms spread across the USA, UK, Asia, and UAE to boost the acceptance of this digital asset.

After making this announcement, Independent Reserve is now the pioneer in Singapore to offer RLUSD for trading on their platform, demonstrating their dedication to innovation and broadening the practical applications of digital currencies.

The revelation showed that the digital currency, known as a stablecoin, can be traded on their platform via both their exchange listings and over-the-counter deals, offering users various trading flexibility.

As a crypto investor, I’m excited about the debut of RLUSD on Independent Reserve, which seems to be primarily geared towards retail traders like myself. However, what really piques my interest is Ripple’s ambitious strategy to court institutional clients in the near future, specifically targeting early 2025. The blockchain payment infrastructure provider has announced its intentions to incorporate this stablecoin into their cross-border payment solutions, which are tailored for merchants and other corporate players. This potential integration could significantly expand RLUSD’s reach and influence in the global financial landscape.

It’s not clear when exactly RLUSD will be added, but it’s anticipated that they will generate substantial transactions on the XRPL network. This could lead to increased usage of the stablecoin and boost Ripple’s overall ecosystem.

Market Impact and XRP Performance

The debut of RLUSD occurs during a period when there’s increased curiosity about stablecoins and Ripple’s overall network. Currently, Ripple’s native cryptocurrency, XRP, is on an upward trend with its price at $2.25 as of December 24, marking a 3% increase over the last day. Some experts predict that the adoption of RLUSD could potentially boost XRP’s value even more in the upcoming months.

Previously, Ripple receiving approval from New York’s Department of Financial Services (NYDFS) to launch RLUSD as a regulated stablecoin caused XRP prices to surge more than 20%. Experts such as Van Code predict that the actual price increase is still on the horizon due to growing institutional adoption of RLUSD.

Unlike most stablecoins that are backed by real-world currencies, RLUSD functions on the XRP Ledger (XRPL), utilizing Ripple’s blockchain technology to improve its scalability and speed. This feature makes RLUSD particularly suited for cross-border transactions and institutional use, setting it apart from stablecoins such as USDT or USDC, which predominantly depend on conventional banking networks for their value support.

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2024-12-24 15:40