Ripple scores big: XRP & RLUSD have gained approval as settlement options for Singapore’s businesses.
Ripple, the crypto infrastructure behemoth behind world’s #3 digital asset XRP coin & the emerging RLUSD stablecoin, just attained a key license in Singapore. This allows seamless cross-border transactions for institutions based in Singapore.
MPI License Win Supercharges XRP-RLUSD Duo
With XRP coin & RLUSD stablecoin as settlement methods, this service is provided by Ripple’s Asian branch, Ripple Markets APAC (RMA). Netting billions in trading volume a day, XRP Ledger’s rails are among the most stable Layer-1 chains in terms of institutional usability.
The expanded scope of activities revolves around all-things Major Payment Institution (MPI), enabling Ripple to “build the infrastructure financial institutions need to move money efficiently, quickly, and safely”, – said Ripple’s President Monica Long in a press release.
Certainly, the Asian-Pacific region has been covered by Ripple since the U.S. tech giant established headquarters in Singapore’s capital back in 2017, so the Monetary Authority of Singapore (MAS) license has been something the XRP & RLUSD issuers have been working on for nearly a decade.
This happened around an all-around crypto storm for Bitcoin (BTC) & the major caps, as crypto markets tumbled back below $3 trillion on Sunday. Now, the Crypto Fear & Greed Index is pointing back to ‘extreme fear’ levels of 24, signaling a bearish shift from yesterday’s 28 as the Japanese bond news smashed crypto prices on Monday morning.
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