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Ripple has enabled direct access to its RLUSD stablecoin for South Korean traders, with the token now live on Coinone and available through Korean Won trading pairs.
The listing is active on Coinone, one of South Korea’s regulated cryptocurrency exchanges, with KRW trading pairs available as of today. Ripple’s official account confirmed the development, stating: “Korean traders can now access Ripple’s fully-reserved, enterprise-grade stablecoin directly in KRW.”
South Korea represents a large crypto market. One in four citizens aged 20 to 50 holds cryptocurrency. Earlier this month, traders in South Korea conducted more than $621 million in XRP transactions in a single 24-hour period across the country’s five licensed exchanges.
The Coinone listing comes alongside Ripple’s announcement of a partnership with Convera, the global commercial payments firm formerly known as Western Union Business Solutions. The companies plan to deliver stablecoin-enabled cross-border payment and treasury solutions for enterprises.
Convera operates across more than 200 countries and territories, supports over 140 currencies, and processes approximately $170 billion in annual transaction volume.
Ripple described the approach as a “stablecoin sandwich,” where payments begin and end in fiat currency, while RLUSD is used for settlement in between. The model is designed to provide blockchain settlement speed without enterprises directly managing digital assets.
Convera CEO Patrick Gauthier said Ripple is “a clear leader in the crypto space and a natural fit for Convera.”
Ripple’s Coinone expansion and Convera deal are presented as part of a wider push for RLUSD and related infrastructure. Deloitte confirmed the stablecoin’s reserves are fully backed. Mastercard added Ripple to its Crypto Partner Program, a network processing over $9 trillion annually. Ripple also joined Singapore’s MAS BLOOM sandbox to test programmable cross-border trade settlements using the XRP Ledger and RLUSD.
On March 27, Ripple CEO Brad Garlinghouse said the company is heading for a record first quarter, with prime brokerage revenue tripled and total payment volume crossing $100 billion.
RLUSD launched in December 2024 with a market cap of $132 million. Since then, it has grown to $1.25 billion.
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