South Korean crypto exchange Upbit announced trading support for Ripple USD on July 28, adding RLUSD pairs against the Korean won,
- Upbit added RLUSD trading against won, Bitcoin and Tether on July 28 in South Korea.
- Deposits and withdrawals support only XRP Ledger, with destination tags required for incoming RLUSD transfers.
- Ripple officially reported $1.51 billion circulating RLUSD backed by $1.62 billion reserves on July 16.
Bitcoin and USDT. Trading was scheduled to begin at 2:00 p.m. Korea Standard Time, subject to the exchange securing sufficient liquidity.
Deposits and withdrawals were due to open within two hours of the announcement. Upbit limited transfers to the XRP Ledger version of RLUSD, excluding the token’s Ethereum and other supported-network versions.
Upbit placed temporary limits on RLUSD trading
Upbit planned several controls during the opening period. Buy orders were restricted for approximately five minutes after trading began. Sell orders priced more than 10% below the previous day’s closing price were also restricted for the same period.
For roughly two hours after launch, users could submit only limit orders. Market orders and other conditional order types were unavailable during that window. Upbit said it could postpone trading if the available liquidity did not meet its requirements.
The exchange quoted RLUSD at 1,468.76 won, 0.00001583 BTC and 0.9995 USDT at 11:00 a.m. KST. Those figures preceded the scheduled opening and did not represent completed trades on the new Upbit markets.
Broader market data continued to show RLUSD trading near its intended $1 peg on July 28, with an estimated circulating supply of about 1.59 billion tokens.
RLUSD deposits require the XRP Ledger issuer address
Upbit identified rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De as the supported address for RLUSD deposits. Ripple’s official documentation confirms that this is the RLUSD issuer account on the XRP Ledger rather than a smart-contract address in the Ethereum sense.
Customers must also enter the correct destination tag when transferring RLUSD to Upbit. XRP Ledger exchanges commonly use one wallet address for multiple customers and rely on destination tags to credit each deposit correctly.
Upbit warned that unsupported-network deposits could require a lengthy return process. Transfers from exchanges that do not meet South Korea’s Travel Rule requirements may not be credited. Personal-wallet transfers are limited to addresses whose ownership has been verified through Upbit.
RLUSD gains another South Korean trading channel
The Upbit listing expands RLUSD’s availability in a market where XRP has historically recorded high retail trading activity. The stablecoin was already available through Coinone, giving Ripple an earlier domestic distribution channel.
As previously reported, Coinone’s RLUSD support formed part of Ripple’s growing presence in South Korea, where the company has also pursued tokenised securities and payment projects.
RLUSD is issued by Standard Custody & Trust Company, a Ripple subsidiary holding a New York limited-purpose trust charter. The New York Department of Financial Services lists RLUSD as approved for issuance in the state and includes it on its virtual currency Greenlist.
Ripple says RLUSD is backed by cash and highly liquid, short-term assets held in segregated reserve accounts. Its transparency page reported $1.5086 billion in circulating RLUSD and $1.6191 billion in reserve funds as of July 16. The company publishes monthly third-party reserve reports.
XRP Ledger liquidity will be the next measure
The listing gives Korean traders direct access to RLUSD without first converting funds through another offshore venue. The KRW pair may also support price discovery between South Korea’s domestic currency market and global dollar-stablecoin markets.
Notably, RLUSD generated $2.5 billion in XRP Ledger trading activity during an earlier reporting period, according to data published by Ripple-backed Evernorth. The report said RLUSD/XRP trading accounted for nearly $900 million of that amount.
However, the Upbit announcement did not provide a trading-volume target or forecast how much RLUSD would move onto the exchange. Post-listing volume, order-book depth and deposits will show whether the three markets attract sustained activity.
The exchange will also monitor deposits for compliance with its Travel Rule and source-of-funds requirements. No additional network support was announced, meaning Ethereum-based RLUSD holders must bridge or exchange their tokens for the XRP Ledger version before depositing.
