- RLUSD is now listed on Singapore’s Independent Reserve, signaling its strategic expansion in the stablecoin market.
- Ripple has formed an advisory board for RLUSD, featuring high-profile figures like Sheila Bair and Chris Larsen.
Singapore’s Independent Reserve has taken a big move by listing Ripple’s RLUSD, making it the city-state’s first stablecoin exchange. With reserves including U.S. dollar deposits, U.S. government bonds, and cash equivalents, RLUSD, fixed 1:1 to the US dollar, is totally backed.
This action shows Ripple’s calculated entry into the already dominated market by big companies like Tether (USDT) and USD Coin (USDC) in the competitive stablecoin market. Securing a listing on Independent Reserve, Ripple is indicating its intention to increase its presence in the worldwide financial system.
Ripple’s $RLUSD Stablecoin Hits The Singaporean Market
Singapore’s Independent Reserve just dropped Ripple’s $RLUSD, becoming the first exchange in the city-state to list the stablecoin.
This launch could ramp up the game for fiat-backed assets in the region.
Think Asia’s… pic.twitter.com/maxlZWbJPI
— Mario Nawfal’s Roundtable (@RoundtableSpace) December 24, 2024
RLUSD: Bridging Financial Gaps with Strong Institutional Backing
The launch of RLUSD coincides with a pivotal moment since stablecoin demand is rising. With its strong support and emphasis on openness, RLUSD seeks to solve financial inclusion gaps by providing use cases spanning from cross-border payments to integration into decentralized finance (DeFi) systems.
To guarantee the availability and liquidity of RLUSD, Ripple has already teamed with numerous worldwide exchanges. Including RLUSD by Independent Reserve emphasizes the faith and trust Ripple has earned among its institutional partners.
Proactive steps by Ripple to guarantee regulatory compliance and strong governance reflect its long-term goal of ruling the stablecoin space. The company’s activities, which include forming a respected advisory board and alliances with important exchanges, highlight its dedication to encouraging innovation in the digital asset market.
The release of RLUSD is evidence of Ripple’s capacity to negotiate the convoluted legal framework around digital assets as well as a technical development.
Previously, as CNF reported, Ripple said former Reserve Bank of India Governor Raghuram Rajan had joined the RLUSD advisory board. Alongside Rajan, the advisory board consists of eminent people such as Chris Larsen, David Puth, and Sheila Bair.
Meanwhile, XRP is swapped hands at about $2.24 at the time of writing, showing a 3.38% increase over the last 24 hours.
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