As a seasoned crypto investor with a knack for spotting promising partnerships, I find the collaboration between Ripple and Independent Reserve particularly intriguing. Having navigated through the volatile and evolving crypto market for years, I’ve come to appreciate the importance of trust, regulation, and efficiency in this space.
Ripple USD (RLUSD) is now available on Independent Reserve’s platform in Singapore, providing a reliable, streamlined, and compliant method for international money transfers.
Independent Reserve (IR), the first cryptocurrency exchange licensed in Singapore, has revealed the addition of Ripple USD-backed stablecoin, Ripple USD (RLUSD), to its platform. As per the recent announcement, traders in Singapore can begin trading RLUSD from December 22, 2024. IR will be the first exchange in Singapore to offer this token, with RLUSD available through their OTC desk and order book. This partnership allows IR customers to leverage cross-border liquidity solutions for quicker transactions and reduced costs.
The RLUSD is a digital currency that maintains a constant value equal to the US dollar. It can be found on both the XRP Ledger and Ethereum blockchain platforms, making it ideal for uses like cross-border transactions and decentralized finance (DeFi). As per Lasanka Perera, CEO of Independent Reserve Singapore, the market for stablecoins has seen significant growth. Perera explains that stablecoins have demonstrated their utility in facilitating payment transfers and supporting DeFi applications. RLUSD provides a reliable and secure infrastructure for investors and financial institutions to manage capital more efficiently and securely.
Ripple and Independent Reserve Strengthen Partnership with RLUSD Launch
Independent Reserve, too, emphasized their long-standing collaboration with Ripple. Perera stated this proudly, as they are the first regulated exchange in Singapore to provide RLUSD. Over the years, we’ve developed a strong bond of trust and support, and this partnership is a testament to it. Independent Reserve aims to leverage crypto and blockchain technology to reinvent financial services not just in Singapore, but globally.
On the exchange’s order book and OTC desk, International Relations (IR) clients can trade the RLUSD using Singapore dollars (SGD) and US dollars (USD). This stablecoin is issued under one of the industry’s most stringent regulatory frameworks, the New York Department of Financial Services (NYDFS) limited purpose trust charter. Essentially, this means that RLUSD adheres to specific safety and regulatory standards set by NYDFS.
On December 17, 2024, Ripple introduced RLUSD, a new digital asset that is now available on various global exchanges like Uphold, Bitso, and MoonPay. In the near future, it will also be listed on other platforms such as Bullish and Bitstamp. However, Ripple’s CTO has cautioned users about potential price volatility when the project goes live. He reassured investors that while there might be initial fluctuations, the value of RLUSD is expected to settle at $1 once it stabilizes.
Ultimately, the association of RLUSD with Independent Reserve signifies a significant advancement for the platform, as well as for the digital currency market in Singapore. This collaboration with Ripple promises to foster more streamlined and secure methods for international transactions.
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2024-12-26 14:08