Simply put
- Ripple has been granted regulatory approval in Singapore to enhance payment services using its XRP and RLUSD stablecoins through its Major Payment Institution License.
- XRP reached a new all-time high earlier this year, surpassing a seven-year record.
- Currently, XRP has dropped 45% from its peak, trading around $2.00.
On Monday, Ripple announced that the Monetary Authority of Singapore (MAS) has approved its subsidiary, Ripple Markets APAC, to expand its payment operations.
This move will allow cryptocurrency-based fintech companies to offer regulated payment services to their clients in Singapore, utilizing XRP and Ripple’s own RLUSD stablecoin.
Monica Long, Ripple’s President, expressed appreciation for MAS’s clear regulatory framework, noting, “Ripple has always taken a regulation-first approach, and Singapore is proof that innovation thrives when the rules are clear.”
This license expansion will bolster Ripple’s commitment to invest further in Singapore and establish necessary infrastructure for financial institutions to transfer funds securely and efficiently.
The Ripple Payments Platform aims to leverage crypto tokens like RLUSD and XRP to enable quick, transparent cross-border transactions for banks and fintech companies, allowing them to launch digital payment services without high infrastructure costs.
Key features include rapid payments using digital tokens, simplified onboarding, and easier access to digital assets without needing additional banking connections or specialized setups.
According to Fiona Murray, Ripple’s vice president for Asia-Pacific, the region leads in virtual asset adoption, with a significant rise in on-chain activity. This improved scope will better assist institutions in providing a wider range of regulated payment options effectively.
XRP, which was created by Ripple’s founders, achieved an all-time high of $3.65 in July, largely due to positive regulatory sentiments and investor hopes for ETF approvals.
Despite a recent XRP fund launch, the coin’s price has struggled, recently trading at $2.00—down about 20% over the last month, including a 9% drop in just the past day.
The RLUSD stablecoin, pegged to the dollar, has a market cap of $1.26 billion and a 24-hour trading volume of around $79 million.
