Upbit, a cryptocurrency exchange in South Korea, began offering trading for Ripple USD (RLUSD) on July 28th. Users can now trade RLUSD with the Korean Won.
Summary
Bitcoin and USDT trading was set to start at 2:00 p.m. KST, but only if the exchange had enough available funds.
After the announcement, users should have been able to deposit and withdraw funds within two hours. Upbit only allowed transfers using the XRP Ledger version of RLUSD, and did not support the Ethereum or other network versions of the token.
We are excited to announce support for trading Ripple USD (RLUSD), a new digital asset!
You can trade RLUSD in the following markets: KRW, BTC, and USDT.
Trading will begin around July 28, 2026 at 2:00 PM KST.
For more details, please see the official announcement: [link to announcement] #Upbit #RLUSD @Ripple
— Upbit Korea (@Official_Upbit) July 28, 2026
Upbit placed temporary limits on RLUSD trading
When Upbit first opened, it implemented a few temporary restrictions to manage trading activity. For about five minutes at the start, users couldn’t place buy orders. Additionally, sell orders with prices more than 10% lower than the previous day’s closing price were also temporarily blocked.
Immediately following the launch, users were restricted to placing limit orders for about two hours. Other order types, like market orders, weren’t available at first. Upbit also stated they might delay trading altogether if there wasn’t enough buying and selling activity.
At 11:00 a.m. KST, the exchange listed RLUSD at a price of 1,468.76 won, 0.00001583 BTC, and 0.9995 USDT. These were indicative prices before trading began and didn’t reflect actual transactions on the new Upbit markets.
On July 28th, RLUSD continued to trade close to its target price of $1, with approximately 1.59 billion tokens in circulation.
RLUSD deposits require the XRP Ledger issuer address
Upbit has announced the address rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De as the official place to send RLUSD deposits. Ripple confirms this is the account that issues RLUSD on the XRP Ledger, and it’s not a smart contract like those found on Ethereum.
When sending RLUSD to Upbit, customers need to include the correct destination tag. This tag is important because XRP Ledger exchanges often use a single wallet address for many users, and the destination tag ensures each deposit is credited to the right account.
Upbit announced that deposits sent from unsupported cryptocurrency networks could take a long time to be processed, or may not be credited at all. Transfers from other exchanges must comply with South Korea’s financial regulations. If you’re sending crypto from your own personal wallet, Upbit needs to verify you own that wallet address first.
RLUSD gains another South Korean trading channel
By being listed on Upbit, RLUSD is now available in a market known for strong XRP retail trading. This adds to its existing availability on Coinone, giving Ripple more ways to distribute its stablecoin within the country.
Coinone’s addition of RLUSD highlights Ripple’s increasing activity in South Korea, including its work with digital versions of traditional assets and payment solutions.
RLUSD is a digital dollar issued by Standard Custody & Trust Company, which is owned by Ripple. This company has special approval from New York State to issue this type of currency, and it’s officially listed as an approved virtual currency by the New York Department of Financial Services.
Ripple states that RLUSD is supported by cash and easily accessible, short-term investments kept in separate accounts. As of July 16th, their transparency report showed $1.51 billion RLUSD in circulation and $1.62 billion held in reserves. Ripple releases monthly reports from independent auditors to verify these reserve funds.
XRP Ledger liquidity will be the next measure
This allows Korean traders to buy RLUSD directly, skipping the need to convert their money through other international exchanges. This new trading option can also help determine fair prices for both the Korean won and global dollar-based stablecoins.
Recent data from Evernorth, a Ripple-supported company, shows that RLUSD saw $2.5 billion in trading on the XRP Ledger in a previous period. Of that total, almost $900 million was specifically from trading between RLUSD and XRP.
Upbit’s recent announcement didn’t say how much trading to expect for RLUSD, or predict how popular it would be on their platform. We’ll have to wait and see if there’s continued interest after listing by looking at things like trade volume, the number of buy and sell orders, and how many deposits are made in these three markets.
The exchange will also check deposits to make sure they follow rules about identifying senders and proving where the money comes from. If you currently hold RLUSD on Ethereum, you’ll need to convert it to the version that works on the XRP Ledger before you can deposit it.
2026-07-28 09:05