Ripple USD (RLUSD) Enters South Korea with Coinone Listing

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Ripple USD (RLUSD) Enters South Korea with Coinone Listing

Ripple USD (RLUSD) stablecoin expands into South Korea‘s crypto market, with listing on Coinone crypto exchange on Wednesday. Traders can now access Ripple’s fully-reserved, enterprise-grade stablecoin directly in Korean won (KRW), boosting daily trading volume and adoption of the XRP ecosystem.

Ripples RLUSD Stabecoin Is Now Live on Coinone

Ripple took to X to reach out to the wider crypto community about its RLUSD stablecoin becoming live on Coinone. This marks the first time RLUSD is listed on a South Korean crypto exchange.

“Korean traders can now access Ripples fully-reserved, enterprise-grade stablecoin directly in KRW,” said Ripple. The crypto giant quoted the expansion as “global reach” and “local access.”

RLUSD/KRW trading pairs make it easier for South Korean users to buy, sell, and use the stablecoin without relying on USD intermediaries.

South Korea Is a Key Market for Ripple and XRP

South Korea ranks among the world‘s most active crypto markets, with high trading volumes and strong retail as well as institutional participation. XRP trading volume is also higher in South Korean crypto exchanges Upbit and Bithumb. In February, XRP daily volume hit $1.2 billion across South Korea’s top exchanges, surpassing BTC and ETH.

RLUSD stablecoin gives local traders a reliable on-ramp and off-ramp option in KRW, boosting adoption and improving liquidity. It also opens doors for potential institutional use cases in payments, remittances, and DeFi on the XRP Ledger.

The stablecoin has already listed on major crypto exchange including Binance, Bybit, Kraken, Bitstamp, and Bitget. The Coinone listing represents a significant step in expanding RLUSD‘s reach in Asia’s key regulated markets.

Ripple has been strengthening ties in South Korea through partnerships such as with BDACS. As CoinGape reported earlier, SBI Ripple Asia and DSRV Labs are considering XRP Ledger for blockchain-based remittances and payments. The research is focused on the Japanese and South Korean markets.

RLUSD Market Presence

RLUSD market cap recently surpassed $1.55 billion, representing an explosive growth of over 1,000% from the $132 million reported a year ago. Ripple joined Singapores MAS BLOOM initiative to test its Ripple USD stablecoin.

RLUSD remained pegged to USD and saw a 88% increase in trading volume over the past 24 hours, with the market cap at $1.23 billion. The CLARITY Act passage will significantly boost its adoption and growth.

Meanwhile, XRP price has jumped by almost 3% to $1.35 today. The 24-hour low and high are $1.31 and $1.36, respectively. Trading volume has also climbed another 5% over the last 24 hours.