Points of Focus

• By listing RLUSD on Coinone, Ripple is entering at a moment when demand for stable settlement assets is rising but supply has tightened
• On major exchanges, XRP generated about $1.2 billion in 24-hour trading volume.
• Policymakers in South Korea are also exploring frameworks for won-backed and dollar-backed digital assets.

Ripple expanded its stablecoin strategy into Asia after its dollar-pegged RLUSD began trading on South Korean exchange Coinone, giving local investors direct access to the token in Korean won and marking one of the company’s most targeted pushes into a retail-driven crypto market.

The listing, which went live this week, enables direct KRW trading pairs and gives South Korean traders access to Ripple’s fully-reserved stablecoin without relying on external dollar tokens, according to exchange announcements and market updates.

🇰🇷 $RLUSD is now live on @CoinoneOfficial — one of South Korea's largest regulated exchanges.

Korean traders can now access Ripple's fully-reserved, enterprise-grade stablecoin directly in KRW.

Global reach. Local access. #RLUSD #Ripple

— Ripple (@Ripple) April 1, 2026

The move places RLUSD into one of the most influential crypto markets globally. South Korea accounts for roughly 33% of global XRP trading volume at times, making local liquidity critical to price formation and capital flows around the token. Coinone itself processes roughly $300 million in daily trading, amplifying the significance of the listing.

A shift from XRP-led trading to stablecoin infrastructure

Ripple’s expansion underscores a strategic pivot. For years, XRP served as the centerpiece of Ripple’s ecosystem, promoted as a bridge currency for cross-border settlement. But price volatility often limited institutional adoption, forcing traders and firms to rely on stablecoins such as USDT and USDC to park capital between trades.

RLUSD is designed to fill that gap.

The token is fully backed by dollar reserves and structured for enterprise settlement and liquidity management, allowing Ripple to build a stable layer alongside XRP rather than depending solely on a volatile bridge asset.

⏰ Tom Zschach, CIO at SWIFT, shares new thoughts on Ripple $XRP + $RLUSD:"That’s why Ripple’s USD stablecoin is interesting because it looks closer to what banks recognize as safe and pegged.""Also we will see if banks would run size on Ripple’s coin." pic.twitter.com/EcpeqXCpHY

— ALLINCRYPTO (@RealAllinCrypto) September 2, 2025

The distinction is increasingly central to Ripple’s strategy. XRP enables rapid settlement and cross-border transfers, while RLUSD is intended to hold value and facilitate transactions during periods of volatility. Together, the assets form a dual-layer system – speed from XRP, stability from RLUSD.

Why South Korea is the key testing ground

South Korea has become one of the most influential markets for XRP trading, often driving global price momentum. Earlier this month, XRP accounted for 18% of total activity on Upbit, surpassing Bitcoin at 11.5% and Ethereum at 9.6%, while spot trading volume jumped 115% to about $1.84 billion in 24 hours, according to market data cited by analysts. 

The trend is broader than short-term rallies. XRP generated roughly $1.2 billion in daily trading volume across major South Korean exchanges, significantly outpacing Bitcoin and Ethereum in local markets.

Over the longer term, trading intensity has been even more pronounced. Upbit alone processed more than $1 trillion in XRP trades in 2025, cementing South Korea as one of the token’s largest liquidity hubs globally.

This dominance has turned South Korea into a critical testing ground for Ripple’s next phase. Analysts say the introduction of RLUSD in a market already dominated by XRP trading could help smooth liquidity cycles that have historically depended on volatile price movements.

Market strategist Martin Call said XRP’s surge in Korean trading reflects “sharp revival in investor interest,” highlighting how retail participation can quickly reshape global liquidity patterns.

Stablecoin competition intensifies

Ripple’s move comes as competition for stablecoin liquidity intensifies specifically within South Korea, where exchanges and fintech firms are racing to capture demand for dollar-denominated digital assets.

South Korean exchanges have increasingly pushed US dollar-backed stablecoins as demand rises during currency volatility and crypto market swings, with traders using dollar tokens to hedge won exposure and rotate capital quickly between assets.

At the same time, liquidity in South Korea’s stablecoin market has been unusually tight. Stablecoin balances across the country’s five largest exchanges dropped roughly 55% since mid-2025, falling to about $188 million as traders shifted funds into equities and local-currency positions.

That decline has created an opening for new entrants like RLUSD.

Coinone’s decision to list RLUSD comes amid increasing competition among stablecoin providers seeking access to Korean liquidity pools, with established tokens such as USDT and USDC already widely used across local exchanges. 

The competitive pressure is also coming from within South Korea itself. Policymakers and fintech firms are exploring won-based stablecoins, as regulators debate how to retain capital domestically after more than $19 billion flowed into dollar-backed stablecoins during earlier trading surges.

Against that backdrop, Ripple’s RLUSD entry positions the company directly into a market where stablecoin demand is rising but liquidity remains fragmented.