Ripple to Expand XRP, RLUSD Payments in Singapore After Securing License
The post Ripple to Expand XRP, RLUSD Payments in Singapore After Securing License appeared on BitcoinEthereumNews.com.
In brief Ripple received regulatory approval in Singapore to broaden payment services using XRP and RLUSD stablecoin under its Major Payment Institution license. XRP surged to a new all-time high price earlier this year, breaking a seven-year record in the process. However, XRP has fallen 45% from that peak, recently trading hands for about $2.00. Ripple has received approval from Singapore’s Monetary Authority (MAS) to expand payment activities under its Major Payment Institution license held by subsidiary Ripple Markets APAC, the crypto giant announced Monday. This expansion allows the crypto-powered fintech company to broaden its regulated payment offerings to Singapore customers, including via the XRP cryptocurrency and Ripple’s own RLUSD dollar-backed stablecoin. “MAS has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore’s forward-thinking approach,” said Ripple President Monica Long, in a statement. “Ripple has always taken a regulation-first approach and Singapore is proof that innovation thrives when rules are clear.” “This expanded license strengthens our ability to continue investing in Singapore and to build the infrastructure financial institutions need to move money efficiently, quickly, and safely,” she added. The Ripple Payments platform utilizes crypto tokens like RLUSD and XRP within a global payout network to facilitate what the company said are fast and transparent cross-border transactions for banks, crypto companies, and fintechs. In short, it allows businesses to launch digital payment services quickly without infrastructure costs. Key features include settlements in minutes using digital payment tokens, single onboarding to replace multiple partners, and simplified digital asset access without requiring additional bank relationships or specialized infrastructure. “The Asia Pacific region leads the world in real digital asset usage, with on-chain activity up roughly 70% year-over-year. Singapore sits at the center of that growth,” said Fiona Murray, Ripple’s VP and managing director of Asia…
