As a seasoned crypto investor with roots in Singapore and a keen eye for potential, I must say the recent listing of Ripple USD (RLUSD) on Independent Reserve is nothing short of exciting! Having witnessed the evolution of the digital asset market firsthand, it’s refreshing to see a local exchange like IR take the lead in offering innovative solutions like stablecoins.
Independent Reserve, Singapore’s first licensed cryptocurrency trading platform, has taken a significant step by adding Ripple’s new dollar-backed stablecoin, Ripple USD (RLUSD), to its listings. This means that IR is now the first exchange in Singapore to provide RLUSD to its users.
Starting now, users of Independent Reserve Singapore will have the opportunity to trade RLUSD directly from the platform’s order book and over-the-counter (OTC) desk. This addition expands the accessibility of cross-border liquidity solutions for IR’s Singaporean clients, offering them faster and more economical transactions that boost global transaction speeds.
The innovative cryptocurrency exchange, Independent Reserve, becomes the pioneer in Singapore to include Ripple USD (RLUSD) in its listings! 🎉 IR’s customers based in Singapore can now trade RLUSD using SGD and USD on our trading platform and Over-The-Counter desk.
— Independent Reserve (@indepreserve) December 24, 2024
As a analyst, I’m here to discuss RLUSD, a reliable digital currency that mirrors the value of the U.S. dollar. This versatile coin can be utilized across a broad spectrum of applications, such as cross-border transactions and decentralized finance (DeFi). Notably, it resides on both the XRP Ledger and Ethereum networks. To assure its stability, RLUSD is fully backed by actual U.S. dollars. Moreover, Ripple ensures transparency by publishing monthly third-party audits to validate their reserve assets.
Lasanka Perera, CEO of Independent Reserve Singapore, expressed excitement about the growth of the stablecoin market, stating, “Stablecoins have proven to be a viable solution for facilitating payment transactions and supporting decentralized finance (DeFi). RLUSD offers a compelling solution for investors and financial institutions, enabling more efficient and secure capital movement.”
Additionally, Perera emphasized the robust collaboration between Independent Reserve and Ripple, pointing out that “Ripple’s choice to introduce RLUSD on IR demonstrates the solid confidence and reciprocal backing we’ve established throughout our history.
Users have the option to trade RLUSD for Singapore Dollars (SGD) or U.S. Dollars (USD) on this platform. The Ripple USD Reserve is maintained with a mix of U.S. dollars in traditional banking systems and short-term government bonds at American financial institutions, which guarantees the coin’s complete coverage.
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2024-12-24 13:24