Ripple USD (RLUSD) Stablecoin Now Available Via South Korean Exchange Coinone
Ripple USD (RLUSD) launched in South Korea as of Coinone’s latest listings on Wednesday. South Korean customers will have the ability to buy and trade the stablecoin RLUSD at Coinone with Korean won (KRW) directly.
Customers will be able to trade RLUSD with other cryptocurrencies, and will not have to trade USD to buy the stablecoin at banks. South Korea has one of the highest trading volumes for cryptocurrencies in the world.
Ripple announced the listing on Coinone stating that it gave South Korean customers “local access” and “global reach.” With the stablecoin trading directly against the KRW, South Korean customers will be able to buy and sell the stablecoin and use the XRP ledger for payments, remittances, and other Decentralized Finance (DeFi) services.
South Korea is a major target for Ripple and XRP. South Korea’s strong retail and institutional trading user participation has positioned the country as one of the largest trading countries for cryptocurrencies.
South Korean exchanges such as Upbit and Bithumb have even seen XRP trading volumes that have surpassed BTC and ETH trading volumes. For Ripple to expand their presence in South Korea, it is crucial considering XRP trading volumes were reported to be 1.2 billion USD in a single day which made it the highest traded cryptocurrency in South Korea in the month of February.
The addition of RLUSD to Coinone allows Ripple to solidify their foothold in Southeast Asia’s compliant crypto markets. RLUSD’s stablecoin has already been listed on numerous competitors including Binance, Bybit, Kraken, Bitstamp, and Bitget. The addition of Coinone to their portfolio enables Ripple to continue their local strategy while also expanding their global strategy.
Ripple has also been strengthening its partnerships in South Korea. With BDACS and with SBI Ripple Asia and DSRV Labs, Ripple is working on blockchain payments and remittances using the XRP Ledger. These partnerships are aimed at the Japanese and South Korean markets and show that Ripple is committed to the Asia’s regulatory compliant crypto markets.
RLUSD is the first to market in it’s category. It’s market cap recently surpassed $1.55 billion, an increase of over 1,000% from the $132 million it sat at a year ago with a market cap of $1.23 billion and an 88% increase in the 24 hour trading volume. Ripple is also a participant in the Singapore’s MAS BLOOM initiative, which promotes RLUSD adoption and use in the compliant markets.
Increased interest in RLUSD reasonably correlates to an increase in the trading volume of XRP. XRP is currently trading at $1.35, a 24 hour of $1.31 to $1.36, which is a 3% increase. With RLUSD available in KRW and Ripple targeting use cases for institutional, The stablecoin will undoubtedly see increased adoption and liquidity in South Korea.
