Ripple Lists RLUSD on South Korea’s Coinone to Cap a Month of Major Expansion

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Ripple just handed South Korean traders direct access to RLUSD.

The stablecoin is now live on Coinone, one of South Korea’s largest regulated cryptocurrency exchanges, with Korean Won trading pairs active as of today.

The listing was confirmed by Ripple’s official account: “Korean traders can now access Ripple’s fully-reserved, enterprise-grade stablecoin directly in KRW.”

South Korea is not a small market to crack. One in four citizens aged 20 to 50 holds cryptocurrency. Earlier this month, South Korean traders conducted over $621 million in XRP transactions in a single 24-hour period across the country’s five licensed exchanges.

RLUSD now has a regulated foothold in that market.

Convera Just Put RLUSD Inside a $170 Billion Payment Network

The Coinone listing did not arrive in isolation. The day before, Ripple announced a partnership with Convera – the global commercial payments firm formerly known as Western Union Business Solutions – 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.

The model the two companies will use is what Ripple calls the “stablecoin sandwich” – payments begin and end in fiat, with RLUSD handling settlement in between. Enterprises get blockchain speed without directly managing digital assets.

Convera CEO Patrick Gauthier described Ripple as “a clear leader in the crypto space and a natural fit for Convera.”

Ripple’s on a Roll

The Coinone listing and Convera deal are part of a wider trend of Ripple’s momentum. 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 confirmed 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. It has since grown to $1.25 billion.

The expansion is no longer gradual.