Independent Reserve Launches Ripple’s USD-Backed Stablecoin RLUSD on Trading Platform

Ripple Partners with Singapore’s Independent Reserve for RLUSD Launch

Independent Reserve (IR) has announced the launch of Ripple’s USD-backed stablecoin RLUSD on its trading platform. This collaboration marks a significant milestone in the company’s mission to provide secure and transparent financial services.

As reported, IR is the first licensed exchange in Singapore to introduce RLUSD to its customers. The trading of RLUSD began on December 22, 2024, for Independent Reserve Singapore users on both the order book and OTC desk.

The newly launched RLUSD is pegged 1:1 with the US dollar, ensuring a secure and reliable solution for cross-border payments and decentralized finance (DeFi) applications. The dual issuance of RLUSD on XRP Ledger and Ethereum blockchain networks increases its utility and makes it an attractive option for investors and financial institutions.

Lasanka Perera, CEO of Independent Reserve Singapore, emphasized the importance of this development, stating that “stablecoins have found their product-market fit” in recent years. He further highlighted the benefits of RLUSD, which enables more efficient and secure capital movement, as well as supporting DeFi applications.

In terms of security, IR has ensured that transactions will be regulated by one of the most stringent regulatory bodies, New York Department of Financial Services (NYDFS). Additionally, Ripple will provide monthly third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm. This commitment to transparency and security underscores the trust and support between Independent Reserve and Ripple.

This partnership highlights IR’s efforts to position itself as a strong contender in the crypto market and underscores Singapore’s innovative approach to digital innovation.

Source: CryptoNewsZ

Source: www.cryptonewsz.com