Upbit Lists Ripple USD Stablecoin Amid Growing Demand in South Korea
South Korea's largest cryptocurrency exchange Upbit listed Ripple USD (RLUSD) stablecoin on July 28, expanding its availability in one of Asia's most active crypto markets. The RLUSD/KRW, RLUSD/BTC, and RLUSD/USDT trading pairs are now live on the platform.
Upbit limited deposits and withdrawals to the XRP Ledger version of RLUSD, excluding other supported networks such as Ethereum. Customers must use the correct XRP Ledger destination tag when sending funds to Upbit, which has identified rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De as the approved issuer address for RLUSD deposits.
The exchange also applies South Korea's Travel Rule requirements to incoming transactions, blocking transfers from unsupported exchanges and requiring verified ownership for personal wallet deposits. Upbit placed temporary controls on RLUSD trading during the market launch, including a five-minute pause on buy orders and limits on sell orders priced over 10% below the previous closing level.