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Independent Reserve (IR), Singapore’s first licensed cryptocurrency exchange for all investors, has announced its pioneering move to list Ripple’s USD-backed stablecoin, Ripple USD (RLUSD).
Starting December 22, 2024, customers of Independent Reserve Singapore will be able to trade RLUSD on the platform, marking a significant step in the country’s cryptocurrency landscape.
Why is this an Important Listing?
Independent Reserve will be the first exchange in Singapore to offer RLUSD on both its order book and over-the-counter (OTC) desk. This listing provides clients in Singapore with seamless access to a highly efficient cross-border liquidity solution, enabling faster and more cost-effective global transactions.
The move further solidifies the Independent Reserve’s reputation as a leading exchange committed to innovation in the digital asset space.
Natively created on the Ethereum and XRP Ledger networks, RLUSD is a stablecoin that is correlated one to one with the US dollar. Its use cases span a wide range of applications, including cross-border payments and DeFi, where speed, reliability, and cost-efficiency are paramount.
Lasanka Perera, CEO of Independent Reserve Singapore, expressed confidence in the future of RLUSD and its impact on the financial ecosystem. “The stablecoin market has seen tremendous growth in the past few years, showing that stablecoins have found their product-market fit. RLUSD offers a compelling solution for investors and financial institutions, enabling more efficient and secure capital movement,” said Perera.
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He added that Ripple’s decision to launch its stablecoin with Independent Reserve underscores the strong trust and partnership the two entities have cultivated over the years.
Ripple Gets Approval from NYDFS
The listing follows Ripple’s recent approval from the New York Department of Financial Services (NYDFS), granted on December 10, 2024. The NYDFS’s stringent regulatory standards highlight the robustness and transparency of RLUSD.
Fully insured by US dollars, RLUSD reserves are held in a combination of USD currency and cash equivalents, including government money market funds and short-term US Treasury Bills.
The company will also publish monthly third-party attestations of the reserve assets, which will be conducted by an unbiased auditing firm, to provide total transparency and confidence.
This move is part of Ripple’s broader strategy to strengthen its ecosystem and capitalise on the rising demand for stablecoins globally. Ripple USD is designed to cater to institutional and retail investors, enhancing the usability and liquidity of digital assets.
Growing Influence of Ripple
The launch of RLUSD also coincides with Ripple’s rising prominence in the crypto market. Recently, Ripple’s XRP surpassed BNB to become the fifth-largest cryptocurrency by market capitalization. This development underscores Ripple’s growing influence and strategic moves to expand its ecosystem.
As stablecoins continue to gain traction, Independent Reserve’s listing of RLUSD is poised to redefine the use of digital assets in Singapore. By providing a regulated, transparent, and efficient trading platform, Independent Reserve is setting a new benchmark for cryptocurrency exchanges in the region.
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