- IR will be Singapore’s first licensed crypto exchange to offer RLUSD on its order book and OTC desk
- RLUSD is available for trading on Independent Reserve Singapore from 22 December 2024
Singapore, 24 December 2024 – Independent Reserve (IR) – Singapore’s first licensed cryptocurrency exchange for all investors is pleased to affirm its leading position in listing Ripple’s USD-backed stablecoin, Ripple USD (RLUSD). Customers of Independent Reserve Singapore can trade RLUSD on the platform from 22 December 2024.
IR will be the first exchange in Singapore to offer RLUSD as part of its order book and OTC desk. This will allow IR’s clients in Singapore access to a seamless and efficient cross-border liquidity solution and enable them to conduct global transactions with enhanced speed and reduced costs.
A stablecoin valued one-to-one to the US dollar, RLUSD is issued natively on both the XRP Ledger and Ethereum networks and can be used in a variety of applications and use cases, from cross-border payments to decentralised finance.
Lasanka Perera, CEO of Independent Reserve Singapore said: “The stablecoin market has seen tremendous growth in the past few years, showing that stablecoins have found their product-market fit. Stablecoins have proven to be a viable solution for facilitating payment transactions and supporting decentralised finance (DeFi). RLUSD offers a compelling solution for investors and financial institutions, enabling more efficient and secure capital movement.
As long-standing partners of Ripple, we are proud to be the first regulated exchange to offer Ripple USD in Singapore. Ripple’s decision to launch its stablecoin on IR reflects the strong trust and mutual support we have built over the years. Independent Reserve is proud to be the first regulated exchange in Singapore to offer secure and reliable access to RLUSD, staying true to our mission of leveraging crypto and blockchain technology to transform financial services.”
Offering secure, accessible stablecoin opportunities in Singapore
Customers of Independent Reserve Singapore will be able to buy and sell RLUSD with either Singapore dollars (SGD) or US dollars (USD) on the order book and OTC desk.
RLUSD is issued under the New York Department of Financial Services (NYDFS) limited-purpose trust charter, a framework recognised as one of the most stringent regulatory standards.
Fully backed by the US Dollar, the Ripple USD Reserve is kept in a combination of USD fiat and cash equivalents, like government money market funds and short-term United States Treasury Bills, held at US-based financial institutions. Ripple will publish monthly third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm.
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