South Korean crypto exchange Upbit has added RLUSD trading pairs against the won, bitcoin and tether, while limiting deposits to the XRP Ledger version of the token and applying temporary restrictions during the market opening.

Launch rules and opening conditions

Upbit said several controls would apply as trading began. Buy orders were blocked for about five minutes after the start of trading. During the same period, sell orders priced more than 10% below the previous day’s closing price were also restricted.

For roughly two hours after launch, the exchange accepted only limit orders. Market orders and other conditional order types were not available during that window. Upbit also said trading could be postponed if available liquidity did not satisfy its internal requirements.

Before the scheduled opening, Upbit displayed reference prices for RLUSD of 1,468.76 won, 0.00001583 BTC and 0.9995 USDT at 11:00 a.m. KST. The exchange indicated those figures were shown ahead of live trading and were not completed trades on the newly opened markets.

Deposit support limited to XRP Ledger

Upbit said RLUSD deposits are supported only through the XRP Ledger issuer address rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De. The exchange also requires users to enter the correct destination tag when sending funds.

That requirement reflects how XRP Ledger platforms often handle deposits, using a shared wallet address for multiple users and assigning destination tags to identify each account. Upbit warned that deposits sent through an unsupported network could lead to a lengthy return process.

The exchange also said transfers from platforms that do not satisfy South Korea’s Travel Rule requirements may not be credited. Deposits from personal wallets are limited to addresses whose ownership has been verified through Upbit.

RLUSD supply and issuer background

Broader market data on July 28 continued to show RLUSD trading near its intended $1 peg. The token’s circulating supply was estimated at about 1.59 billion.

RLUSD is issued by Standard Custody & Trust Company, a Ripple subsidiary with a New York limited-purpose trust charter. The New York Department of Financial Services lists RLUSD as approved for issuance in the state and includes it on its virtual currency Greenlist.

Ripple says the stablecoin is backed by cash and highly liquid short-term assets held in segregated reserve accounts. On Ripple’s transparency page, RLUSD was reported at $1.5086 billion in circulation and $1.6191 billion in reserve funds as of July 16. The company says it publishes monthly third-party reserve reports.

What the listing could mean in Korea

The new Upbit markets broaden RLUSD’s access in South Korea, where XRP has historically seen strong retail trading activity. RLUSD had already been available on Coinone, giving Ripple an earlier route into the local market.

The Upbit listing means traders in Korea can access RLUSD directly without first converting through another offshore venue. The won market could also contribute to price discovery between domestic KRW trading and global dollar-stablecoin markets.

Earlier data published by Ripple-backed Evernorth said RLUSD generated $2.5 billion in XRP Ledger trading activity in a previous reporting period, with RLUSD/XRP trades making up nearly $900 million of that total. Even so, Upbit did not provide any target for trading volumes or estimate how much RLUSD might move onto the exchange. Actual deposits, order-book depth and post-listing volume will determine whether the new pairs develop sustained activity.

Source: crypto.news