Upbit Lists Ripple’s RLUSD Stablecoin for Trading in South Korea

Key Facts

In a move reflecting the strategic expansion of Ripple's product suite in Asian markets, Upbit, South Korea's largest cryptocurrency exchange, has officially listed the RLUSD stablecoin. According to reports, the exchange will support RLUSD trading against the Korean Won (KRW), Bitcoin (BTC), and USDT, strengthening Ripple's presence in a market characterized by high retail trading activity.

This listing aims to provide additional liquidity for RLUSD on the XRP Ledger, as Upbit has restricted deposits specifically to the version issued on this network. The move allows Korean traders direct access to the stablecoin without utilizing offshore venues, noting that the asset is backed by reserves exceeding its circulating supply as of mid-July reports.

Looking ahead, investors are monitoring the stablecoin's ability to maintain its peg, with qualitative data indicating it continues to trade near the one-dollar mark.