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Ripple's stablecoin, RLUSDachieved a major achievement, marking its entry into the Singapore market. Independent Reserve has become the first regulated exchange to offer RLUSD in Singapore.
This development comes a week after Ripple launched RLUSD globally with the stablecoin making its debut on some platforms.
Long-term partner of Ripple, Independent reserve (IR), will be the first licensed cryptocurrency exchange in Singapore to offer RLUSD on its order book and OTC desk. According to a press release, RLUSD will be available for trading on the independent reserve in Singapore from December 22, 2024.
Independent reserve clients in Singapore will be able to buy and sell RLUSD using the Singapore Dollar (SGD) or US Dollar (USD) on the order book and OTC desk.
RLUSD, a stablecoin valued in US dollars, is issued locally on both the XRP Ledger and Ethereum networks and can be used in many applications and use cases, from cross-border payments to decentralized banking.
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Ripple USD (RLUSD) launched globally on December 17, initially on platforms such as Uphold, MoonPay, CoinMENA, Archax, and Bitso, with additional listings likely in the coming weeks.
Ripple drives adoption in Singapore
Singapore has played a pivotal role in Ripple's global business due to its cryptocurrency-friendly regulatory environment, hence Singapore's importance. RLUSD The list is still important.
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The majority of Ripple's business is done outside the United States; Singapore, and largely the wider Asia-Pacific region, remains one of its fastest growing markets. Hence, Ripple continues to prioritize the Asia-Pacific region for the adoption of its cryptocurrency payment services.
Ripple received a major payments institution license in Singapore in 2023, as part of the strategic expansion of its operations in the Asia-Pacific region. Through a full license, Ripple has provided regulated cryptocurrency payment services in Singapore, its Asia Pacific headquarters, since 2017.
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