On July 28, Upbit, South Korea's largest cryptocurrency exchange, launched trading pairs for Ripple’s regulated stablecoin RLUSD against the Korean won, Bitcoin, and Tether. The rollout came after confirming sufficient liquidity and opened deposits and withdrawals shortly after the announcement.
Upbit exclusively supports RLUSD on the XRP Ledger, excluding versions issued on Ethereum and other networks. Users must include the correct destination tag to ensure their deposits are credited properly. The exchange enforces South Korea's Travel Rule, verifying wallet ownership for personal deposits before processing.
The approved issuer address for RLUSD deposits is rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De, matching Ripple's official XRP Ledger account. Transfers sent via unsupported networks may experience lengthy return procedures or not be credited.
Launching RLUSD trading included temporary controls to stabilize the market. Buy orders were blocked for the first five minutes after opening, and sell orders priced over 10% below previous closes faced limits. For two hours, only limit orders were accepted; market and conditional orders were disabled. Trading could be paused if liquidity fell below Upbit's thresholds.
Initial RLUSD quotes at 11 a.m. KST were 1,468.76 won, 0.00001583 BTC, and 0.9995 USDT, reflecting expected market values close to one US dollar. Ripple reported $1.5086 billion circulating RLUSD and $1.6191 billion in reserves as of July 16. Its Ripple Mint platform, launched on July 23, aids institutions in minting, redeeming, and managing RLUSD tokens.
Ripple expands footprint in South Korea alongside this listing, offering broader access to Asia’s active crypto ecosystem.
This material is for informational purposes and does not constitute financial advice.
