Independent Reserve (IR), a prominent crypto exchange in Singapore, has taken a significant step by becoming the first platform in the city-state to list Ripple’s USD-backed stablecoin, Ripple USD (RLUSD). This development allows customers in Singapore to trade RLUSD against Singapore Dollars and US Dollars on both the exchange’s order book and over-the-counter (OTC) desk. The listing will be available on both the XRP Ledger and Ethereum networks. Moreover, RLUSD is fully backed 1:1 by the US Dollar, with reserves held in US fiat and cash equivalents, ensuring the stability of the stablecoin.
Ripple has also committed to enhancing transparency by publishing monthly third-party audits of RLUSD’s reserve assets conducted by an independent firm. Including RLUSD in IR’s order book and OTC desk will give Singaporean users access to a seamless cross-border liquidity solution, streamlining global transactions and offering faster, more cost-effective solutions compared to traditional financial systems. Clients can now trade RLUSD with SGD and USD, expanding the scope of digital asset transactions for IR customers.
Maintaining its strong partnership with Ripple, Independent Reserve has demonstrated its commitment to being a frontrunner in the crypto industry by offering RLUSD in Singapore. Lasanka Perera, CEO of Independent Reserve Singapore, emphasized the growing market for stablecoins and highlighted RLUSD’s potential for facilitating transactions and supporting decentralized finance. Perera stated that RLUSD provides an efficient and secure way for investors and financial institutions to move capital, marking a significant advancement in the digital asset space.
Industry experts have started to recognize the game-changing potential of RLUSD for cross-border payments. Andre Casterman, former global head of corporate and trade markets at SWIFT, praised RLUSD as a game-changer in the industry, particularly for corporations and SMEs. He pointed out that the stablecoin’s faster settlement capabilities will streamline working capital processes for regional businesses, making it an attractive option for companies seeking more efficient payment solutions. This recognition further solidifies RLUSD’s position as a innovative player in the stablecoin market.
It is essential to note that the information provided in this article is for informational and educational purposes only, and it does not constitute financial advice. Readers are advised to exercise caution and conduct their own research before making any financial decisions based on the content presented. Coin Edition is not liable for any losses incurred as a result of utilizing the information, products, or services mentioned in the article. Independent Reserve’s listing of RLUSD marks a significant milestone in the crypto space, offering Singaporean customers access to a stable and reliable digital asset for trading and cross-border transactions.
