RLUSD's South Korean Debut Marred by Liquidity Crisis
Ripple's USD stablecoin, RLUSD, has completed its Korean market quest after being listed by three of the country's key exchanges: Coinone, Upbit, and Bithumb. The listing took place in South Korea, where it is trading against the won (KRW) at a discount of 1-1.5%, or a depeg, at around $0.986, $0.989.
The main purpose of any stablecoin is to maintain a price of exactly $1.00. However, RLUSD's global network of trading pairs is still too small, with combined trading volume on Upbit and Bithumb accounting for only 0.74% of the coin's worldwide trading volume.
The current market remains 'empty' and unstable due to weak liquidity. Trading RLUSD against the won is currently unprofitable and risky because of this imbalance in market depth, with buy orders amounting to only $37,913 while sell orders total $111,929 on Upbit's order books.