Ripple's Stablecoin Arrival in Singapore Strengthens Cross-Border Transactions and Financial Stability
by aria-crypto.com
December 26, 2024 at 00:41
Ripple's Stablecoin Arrival in Singapore Strengthens Cross-Border Transactions and Financial Stability
Ripple’s USD-backed stablecoin, Ripple USD (RLUSD), has officially launched in Singapore through the regulated crypto exchange Independent Reserve. This marks the first listing of RLUSD in Singapore, distinguishing Independent Reserve as a pioneering regulated exchange in the country's digital asset market. The integration of RLUSD on Independent Reserve provides clients in Singapore with enhanced cross-border liquidity and efficient global transaction capabilities. Utilizing RLUSD allows for quicker and more cost-effective international transfers, leveraging its compatibility with the XRP Ledger and Ethereum networks. Lasanka Perera, CEO of Independent Reserve Singapore, celebrated this milestone, emphasizing the growth in the stablecoin sector and RLUSD’s potential in facilitating payments and supporting decentralized finance (defi) applications. He also noted the solid partnership and trust between Ripple and Independent Reserve, which culminated in this significant introduction of RLUSD on their platform. RLUSD is pegged 1:1 with the U.S. dollar and can be traded against Singapore dollars (SGD) or U.S. dollars (USD). It is regulated under the New York Department of Financial Services (NYDFS), ensuring a reliable and secure trading environment. This innovative addition promises to empower investors and financial institutions by enhancing the efficiency and security of capital movement across borders.
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