- Upbit has listed RLUSD with KRW, BTC, and USDT trading pairs, giving South Korean traders easier access to Ripple’s stablecoin.
- The exchange currently supports only the XRP Ledger version of RLUSD while introducing temporary trading limits during the launch.
Ripple’s stablecoin, RLUSD, is now available on one of South Korea’s largest cryptocurrency exchanges after Upbit officially added support for the asset. The listing gives traders new ways to buy and sell RLUSD while strengthening Ripple’s presence in one of the world’s most active crypto markets.
Upbit Adds RLUSD Trading Pairs
Upbit announced on July 28 that it had listed RLUSD with trading pairs against the South Korean won (KRW), Bitcoin (BTC), and Tether (USDT). Trading was scheduled to begin at 2:00 p.m. Korea Standard Time, provided the exchange had enough liquidity.
Deposits and withdrawals opened within two hours of the announcement. However, Upbit only supports the XRP Ledger version of RLUSD. Users holding RLUSD on Ethereum or other supported networks must first convert their holdings to the XRP Ledger version before making deposits.
At the time of the announcement, Upbit displayed indicative prices of 1,468.76 KRW, 0.00001583 BTC, and 0.9995 USDT for RLUSD. These values were reference prices and not completed trades.
Exchange Introduces Temporary Trading Limits
To support an orderly market launch, Upbit introduced several temporary trading restrictions.
Buy orders were blocked for about five minutes after trading opened. During the same period, the exchange also rejected sell orders priced more than 10% below the previous day’s closing price.
For the first two hours, traders could only place limit orders. Market orders and other conditional order types were unavailable until the initial trading period ended.
XRP Ledger Deposits Only
Upbit requires all RLUSD deposits to come through the XRP Ledger. The exchange also requires users to include the correct destination tag when sending RLUSD.
Destination tags help the exchange identify individual customer deposits because multiple users share the same wallet address. Missing or incorrect destination tags may delay the deposit process.
Upbit also warned that deposits sent through unsupported networks or from exchanges that do not meet South Korea’s Travel Rule requirements may not be credited. Transfers from personal wallets are only accepted after wallet ownership has been verified.
Ripple Strengthens Its Position in South Korea
The listing marks another step in Ripple’s expansion across South Korea. RLUSD was already available on Coinone, making Upbit the second major domestic exchange to support the stablecoin.
South Korea has long been one of XRP’s strongest retail markets, and the new listing gives local traders easier access to RLUSD without using offshore exchanges.
Ripple has also expanded its presence in the country through payment initiatives and tokenized asset projects, signaling continued interest in the South Korean market.
RLUSD Remains Fully Backed
Ripple issues RLUSD through Standard Custody & Trust Company, its regulated trust subsidiary. According to Ripple’s latest transparency report published on July 16, RLUSD had approximately $1.51 billion in circulation backed by $1.62 billion in reserves.
The reserves consist of cash and highly liquid short-term assets held in segregated accounts. Ripple also publishes monthly third-party reserve reports to verify the stablecoin’s backing.
Earlier data also showed RLUSD generating $2.5 billion in XRP Ledger trading activity, including nearly $900 million in RLUSD/XRP trading volume.
What the Listing Means
Upbit’s support gives RLUSD greater exposure in one of Asia’s most active cryptocurrency markets. The listing could improve liquidity, attract new users, and strengthen RLUSD’s role in cross-border trading.
The next key metric will be trading activity. Market participants will watch trading volume, order book depth, and deposit flows to determine whether RLUSD gains lasting traction on Upbit.
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Disclaimer: This article is for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry risk, and readers should conduct their own research before making any investment decisions.
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