tl;dr
Independent Reserve, a crypto exchange in Singapore, has listed Ripple's USD-backed stablecoin, Ripple USD (RLUSD), making it the first exchange in the city-state to do so. RLUSD allows faster, cost-effective cross-border transactions with SGD and USD trading. The stablecoin is fully backed 1:1 by t...
Independent Reserve, a crypto exchange in Singapore, has listed Ripple's USD-backed stablecoin, Ripple USD (RLUSD), making it the first exchange in the city-state to do so. RLUSD allows faster, cost-effective cross-border transactions with SGD and USD trading. The stablecoin is fully backed 1:1 by the US Dollar, ensuring stability and transparency with audits. Customers in Singapore can now trade RLUSD against Singapore Dollars and US Dollars on the exchange's order book and over-the-counter desk. The listing will be available on XRP Ledger and Ethereum networks, and RLUSD's reserve assets will undergo monthly third-party audits for transparency. This move aims to simplify global transactions and expand the scope of digital asset transactions for clients. The partnership between Ripple and Independent Reserve has been highlighted, with industry experts recognizing RLUSD's potential as a "game-changer" for cross-border payments, particularly benefiting corporations and SMEs.
Independent Reserve, a crypto exchange in Singapore, has become the first in the city-state to list Ripple’s USD-backed stablecoin, Ripple USD (RLUSD). According to the report, customers in Singapore can now trade RLUSD against Singapore Dollars and US Dollars on the exchange’s order book and over-the-counter (OTC) desk.
The listing will be available on XRP Ledger and Ethereum networks. Also, Ripple USD is fully backed 1:1 by the US Dollar, with reserves held in US fiat and cash equivalents, including short-term Treasury Bills and government money market funds. These assets are maintained at US-based financial institutions, ensuring the stability of the stablecoin. To enhance transparency, Ripple will publish monthly third-party audits of RLUSD’s reserve assets conducted by an independent firm.
Including RLUSD in IR’s order book and OTC desk gives Singaporean users access to a seamless, cross-border liquidity solution, offering faster and more cost-effective solutions than traditional financial systems. As part of the IR offering, clients can also trade RLUSD with SGD and USD, expanding the scope of digital asset transactions.
Independent Reserve has maintained its partnership with Ripple, which helped make the exchange the first regulated platform to offer RLUSD in Singapore. Lasanka Perera, CEO of Independent Reserve Singapore, noted that the stablecoin market has grown lately, highlighting stablecoins’ viability for making transactions and supporting decentralized finance. Perera stated that RLUSD offers an efficient and secure way for investors and financial institutions to move capital.
Industry experts have started to recognize RLUSD’s potential, with Andre Casterman, former global head of corporate and trade markets at SWIFT, calling it a “game-changer” for cross-border payments. Casterman highlighted that corporations and SMEs will benefit from the stablecoin’s faster settlement capabilities, streamlining working capital processes for regional businesses.