Ripple’s RLUSD Lists on South Korea’s Top Four Exchanges

Ripple’s stablecoin RLUSD has been listed across South Korea’s four largest cryptocurrency exchanges — Upbit, Bithumb, Coinone and Korbit — enabling direct won-denominated trading on those platforms.

Upbit announced on July 27 that RLUSD would trade in KRW, BTC and USDT pairs. Bithumb added a direct KRW market on July 29 and stated that deposits and withdrawals for RLUSD would be supported exclusively via the XRP Ledger. Coinone opened an RLUSD/KRW market on March 23, and Korbit had previously listed the token.

Jack McDonald, Ripple’s senior vice president of stablecoins and CEO of Standard Custody, wrote on X: ‘RLUSD is now live across Korea’s four largest exchanges. Upbit & Bithumb — Korea’s two largest licensed exchanges — have added direct RLUSD trading, joining Coinone & Korbit. Regulated, fully-reserved access for institutions and retail, direct in KRW. Onwards!’

Ripple describes RLUSD as a fully reserved stablecoin with monthly attestations of its reserves. Reserve assets include cash deposits, short-term U.S. Treasury securities, government money market funds, repurchase agreements and other cash equivalents held in segregated accounts. The Bank of New York Mellon serves as the primary reserve custodian and provides transaction banking that moves reserve assets and cash tied to conversions.

For institutional participants, Ripple offers a Ripple Mint platform that allows approved organizations to mint and redeem RLUSD through a web console or by integrating APIs and webhooks. The platform provides transaction tracking and real-time updates on minting and redemption status and supports fiat or crypto payout destinations.

RLUSD was first issued on the XRP Ledger and Ethereum and has since been expanded to the XRPL EVM Sidechain, Base, Optimism, Ink and Unichain. The recent exchange listings increase the token’s availability to won-based traders and on-chain services in South Korea.