- Independent Reserve becomes the first crypto exchange in Singapore to list Ripple’s RLUSD.
- Clients can now trade RLUSD, offering pairs against SGD and USD on the order book and OTC desk.
- Singapore intensifies its crypto hub ambitions, challenging Hong Kong’s dominance.
Ripple’s stablecoin, RLUSD, has officially entered the Singapore crypto market through its listing on Independent Reserve, a cryptocurrency exchange. The Singapore-based crypto platform now enables users to access and trade RLUSD, offering pairs against the Singapore Dollar (SGD) and US Dollar (USD) on the exchange’s order book and OTC desk. This milestone bolsters Singapore’s ambition to establish a crypto hub, competing with Hong Kong, a rival financial center.
In an official announcement dated December 24, Independent Reserve acknowledged itself as the first licensed cryptocurrency exchange in Singapore to list Ripple’s stablecoin. Elaborating on the development, the platform stated it provides clients with a streamlined and efficient solution for cross-border liquidity. With RLUSD, Singapore clients can execute global transactions with enhanced speed and reduced costs.
David Schwartz Warns Not To FOMO Ahead of RLUSD LaunchIndependent Reserve CEO Lasanka Perera addressed the tremendous growth of the stablecoin market, adding that RLUSD offers a compelling solution for investors. He further cited,
“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.”
The recent move catapults Singapore to the forefront of the crypto landscape in 2024, vying for dominance with Hong Kong. Over the last year, Singapore has granted licenses for 13 crypto exchanges, including OKX and Upbit. This represents a remarkable 2x increase in authorized exchanges compared to the previous year, cementing Singapore’s position as a rising crypto hub. However, Hong Kong’s licensing regime has been slow-paced over the same period.
Davis Rogers, the regional chief executive at B2C2 Ltd, a platform that applied for a license in Singapore, attributed China’s influence to being one of the key factors driving crypto expansion in the island country. He stated that Singapore’s crypto-supportive environment makes it a safe choice for the long term. On the other hand, Hong Kong holds a unique risk profile, especially due to mainland China’s crypto-restrictive stance.
