Upbit Lists Ripple's Stablecoin in South Korean Markets
South Korean crypto exchange Upbit has added support for Ripple USD (RLUSD) in three markets, including KRW (Korean won), BTC (Bitcoin), and USDT. The trading began on July 28 at 2:00 p.m. Korea Standard Time, subject to sufficient liquidity.
The deposit and withdrawal support is limited to the XRP Ledger version of RLUSD, excluding other supported-network versions. Upbit requires destination tags for incoming RLUSD transfers to ensure correct crediting.
Ripple officially reported $1.51 billion in circulating RLUSD backed by $1.62 billion reserves on July 16. The exchange quoted RLUSD at 1,468.76 won and 0.00001583 BTC at 11:00 a.m. KST, preceding the scheduled opening.
Upbit implemented several controls during the opening period, including restrictions on buy orders for five minutes after trading began and limiting market orders and other conditional order types for two hours.