- Independent Reserve Singapore now offers Ripple USD (RLUSD), enabling secure and efficient trading in SGD or USD.
- RLUSD, backed by the US dollar, supports payments and DeFi with strict regulatory oversight and full transparency.
Independent Reserve (IR), founded in Singapore as the first licensed cryptocurrency exchange, has also revealed the possibility of using Ripple USD, also known as RLUSD. From December 22, 2024, IR customers can trade RLUSD through its trading, which is a big step for the exchange on the way to providing customers with safe and fast trading of digital assets.
Expanding Crypto Opportunities in Singapore
Independent Reserve is the first exchange platform in Singapore to add RLUSD to both the order book and OTC desk. This addition provides clients with a unique cross-border solution to facilitate faster and more efficient transactions at lower costs.
RLUSD is an absolute equivalent to the US dollar but is launched on the XRP Ledger and the Ethereum blockchain. Stablecoin has multiple applications and can be used for cross-border payments, financial transactions, and even DeFi coins. It is 100% funded by the US dollar, and its assets include actual liquidity components such as government money market funds and other short-term US T-bills.
RLUSD organizes its operations under the supervision of the NYDFS limited-purpose trust charter. It also ensures that the stablecoin is trustworthy to a certain degree and follows the regulations at a high level. To create trust, Ripple plans to disclose third-party verification of the availability of the RLUSD’s reserve assets monthly from an independent auditor.
Strategic Collaboration with Ripple
Speaking with Lasanka Perera, the CEO of Independent Reserve Singapore, he highlighted the need for RLUSD to improve the flow of capital for investors and financial institutions. He said, “Stablecoins have emerged as an essential means of payment and an instrument for furthering decentralised finance. Our company is glad to introduce you to RLUSD as a safe and effective tool for our clients.”
According to Perera, the cooperation between IR and Ripple has been active for several years, and this listing also proves the companies’ credibility. “Ripple’s stablecoin is historic for our exchange as we are the first regulated exchange in Singapore to list it, highlighting our determination to offer innovation in the cryptocurrency industry,” he said.
Independent Reserve Singapore’s customers can trade RLUSD using Singapore dollars (SGD) or US dollars (USD) through this Virtual Currency Trading platform. This accessibility corresponds with the exchange’s goal of using blockchain technology to revolutionize financial services and provide workable solutions for our clients.
With this move, the Independent Reserve continues strengthening its position as a leader in Singapore’s cryptocurrency landscape, offering secure and efficient access to emerging digital assets.
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