Bithumb, South Korea’s second-largest crypto exchange, has launched spot trading for Ripple’s new regulated stablecoin, Ripple USD (RLUSD), paired with the Korean won. This came just a day after Upbit, the country's leading exchange, introduced the same trading pair. Despite these high-profile listings, RLUSD's price fell below $1 shortly after debut due to exceptionally thin order books on both platforms.
On paper, RLUSD’s won trading pairs climbed quickly in CoinMarketCap rankings, creating an impression of a successful launch. But the reality tells a different story. Combined, Bithumb and Upbit account for less than 1% of RLUSD’s global trading volume, meaning Korea’s market holds little sway internationally. The local trading activity remains fragmented and shallow, with order book depth within 2% of the price level showing glaring imbalances.
For example, on Upbit, buy orders near the current price totaled under $38,000 while sell orders barely exceeded $11,000. This lopsided liquidity puts downward pressure on RLUSD’s price, pushing it under the typical $1 peg expected from stablecoins. The lack of deeper bids or ask walls makes the market vulnerable to sudden price swings for traders who attempt to capitalize on the initial hype.
South Korea is clearly aiming to strengthen its crypto infrastructure by embracing Ripple’s ecosystem, but the RLUSD launch highlights how a listing alone doesn't guarantee healthy market dynamics. As Ripple USD expands its network, monitoring how these early challenges resolve will be key to understanding the stablecoin’s future in regional and global contexts.
This information serves educational purposes and should not be considered financial advice.
