Ripple’s stablecoin RLUSD is now live on South Korean exchange Coinone, with direct KRW trading pairs available. Ripple said in an official post that Korean traders can access the fully reserved, enterprise-grade stablecoin directly against the won.
The launch gives RLUSD a regulated entry point into one of the world’s busiest crypto markets. According to the source material, one in four South Koreans aged 20 to 50 holds cryptocurrency. Earlier this month, traders in the country logged more than $621 million in XRP transactions over a single 24-hour period across five licensed exchanges. Coinone now puts RLUSD inside that market structure.
Convera deal adds a large payments rail
The Coinone listing came one day after Ripple announced a partnership with Convera, the commercial payments company formerly known as Western Union Business Solutions. The two companies said they will offer stablecoin-enabled cross-border payments and treasury services for enterprises.
Convera operates in more than 200 countries and territories, supports over 140 currencies, and processes about $170 billion in annual transaction volume. Ripple said the setup uses its “stablecoin sandwich” model: payments start in fiat and end in fiat, while RLUSD is used for settlement in the middle. That allows businesses to use blockchain-based settlement without directly handling digital assets. Convera CEO Patrick Gauthier called Ripple a clear leader in crypto and a natural fit for the firm.
RLUSD growth is accelerating across multiple fronts
Ripple has also added other pieces around RLUSD in recent weeks. Deloitte confirmed that the stablecoin’s reserves are fully backed. Mastercard included Ripple in its Crypto Partner Program, a network that handles more than $9 trillion annually. Ripple also joined Singapore’s MAS BLOOM sandbox to test programmable cross-border trade settlement using the XRP Ledger and RLUSD.
On March 27, Ripple CEO Brad Garlinghouse said the company was heading for a record first quarter, with prime brokerage revenue tripling and total payment volume crossing $100 billion. RLUSD launched in December 2024 with a market capitalization of $132 million. It has since grown to $1.25 billion.