TLDR
- Upbit listed RLUSD trading pairs against KRW, BTC, and USDT on July 28.
- RLUSD deposits and withdrawals support only the XRP Ledger version on Upbit.
- Users must include destination tags when sending RLUSD deposits to Upbit.
- Ripple reported $1.5086B circulating RLUSD and $1.6191B in reserves on July 16.
- Ripple Mint launched July 23 to help institutions mint, redeem, and manage RLUSD.
South Korea’s largest crypto exchange, Upbit, added Ripple USD trading on July 28. The exchange opened RLUSD markets against the Korean won, Bitcoin and Tether at 2:00 p.m. Korea Standard Time. The listing gives Ripple’s regulated stablecoin wider access in one of Asia’s most active crypto markets.
RLUSD Launches on Three Upbit Markets
Upbit introduced RLUSD/KRW, RLUSD/BTC and RLUSD/USDT trading pairs after confirming sufficient market liquidity. Deposits and withdrawals opened within two hours of the exchange announcement. Upbit limited all transfers to the XRP Ledger version of RLUSD.
The exchange excluded RLUSD issued on Ethereum and other supported networks. Customers must use the correct XRP Ledger destination tag when sending funds. Upbit uses destination tags to match incoming transfers with individual customer accounts.
Upbit identified rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De as the approved issuer address for RLUSD deposits. Ripple also lists that account as the official RLUSD issuer on the XRP Ledger. Transfers sent through unsupported networks may face long return procedures.
The exchange also applies South Korea’s Travel Rule requirements to incoming transactions. Transfers from unsupported exchanges may not receive credit. Personal wallet deposits require verified ownership before Upbit processes the funds.
Trading Controls Apply During Opening Period
Upbit placed temporary controls on RLUSD trading during the market launch. The exchange blocked buy orders for about five minutes after trading started. Sell orders priced over 10% below the previous closing level faced similar limits.
Users could place only limit orders during the first two hours. Upbit disabled market orders and conditional orders during that period. The exchange also said it could delay trading when available liquidity failed to meet its standards.
Before the opening, Upbit quoted RLUSD at 1,468.76 won, 0.00001583 BTC and 0.9995 USDT. Those prices appeared at 11:00 a.m. KST and did not reflect completed trades on the new markets.
Broader market prices kept RLUSD close to its intended one-dollar value on July 28. Market estimates placed circulating supply near 1.59 billion tokens. Ripple reported 1.5086 billion RLUSD in circulation on July 16.
Ripple also reported reserves worth 1.6191 billion dollars on the same date. The company says cash and short-term liquid assets back RLUSD. Standard Custody and Trust Company issues the stablecoin under New York regulatory oversight.
RLUSD Expands Access Across South Korea
The Upbit listing adds another distribution channel for RLUSD in South Korea. Coinone already supports the stablecoin, giving Ripple an earlier position in the domestic market. Upbit’s larger user base may broaden access across won-based trading.
South Korean traders have historically shown strong interest in XRP markets. Upbit’s XRP/KRW pair ranked among its busiest markets during 2025. The new won pair gives users direct access without first moving funds into another stablecoin.
RLUSD launched in December 2024 and later reached several major exchanges. Kraken added the stablecoin in April 2025, while OKX followed in April 2026. Binance and Bitstamp also expanded its availability across global markets.
Ripple recently introduced Ripple Mint for eligible institutional customers. The platform supports minting, redemption, balance management and transaction tracking through a web interface and application programming tools.
Ripple Mint also supports automated workflows for exchanges, market makers and financial companies. Ripple has expanded RLUSD beyond the XRP Ledger and Ethereum to more blockchain networks. Those additions include Base, Optimism, Ink, Unichain and the XRPL EVM Sidechain.
