Ripple’s RLUSD stablecoin has been listed on the Independent Reserve exchange based in Singapore. This marks the first time a stablecoin has appeared on a regulated exchange in Singapore, generating significant interest in the cryptocurrency market. Following this development, the price of XRP increased by 3%, reaching $2.24.
Ripple RLUSD Supports Dual Networks of XRP Ledger and Ethereum
Independent Reserve announced that Ripple 
$1 RLUSD can be traded on both the order book and OTC desk. Ripple RLUSD is available with dual issuance on the XRP Ledger and Ethereum 
$2,369 networks. This structure enhances the stablecoin’s compatibility with DeFi applications and facilitates its use in cross-border payments. The stablecoin, which maintains a one-to-one value against the US dollar, is gaining attention as a reliable payment tool.
Lasanka Perera, CEO of Independent Reserve Singapore, emphasized the stablecoin’s contribution to global liquidity. Perera stated, “We are proud to present RLUSD as part of our collaboration with Ripple. This step demonstrates our commitment to secure cryptocurrency services on regulated platforms.”
XRP Price and Market Response
With the listing of Ripple RLUSD, both the price and trading volume of XRP increased. XRP’s value rose by 3% to reach $2.24, with a 24-hour peak of $2.27. Additionally, XRP Futures Open Interest saw a 6% increase. The continued accumulation of XRP by large players supports the adoption of the stablecoin.
The listing of Ripple RLUSD on the Independent Reserve exchange underscores Singapore’s significance in the cryptocurrency market. Ripple’s new stablecoin offers a reliable option for investors while positively impacting XRP’s market value. The stablecoin holds potential for greater global adoption.
