Upbit lists RLUSD in KRW, BTC and USDT markets

Upbit added Ripple USD, or RLUSD, in KRW, BTC and USDT markets on July 29, expanding the number of dollar-pegged stablecoins on its won market to six: RLUSD, USDT, USDC, USDS, USDE and USD1. The listing comes as South Korea’s major exchanges intensify competition for stablecoin liquidity during a prolonged market slump, with the number of dollar stablecoins on major local venues doubling from three a year earlier. Coinone had already listed RLUSD in March and now also supports six dollar stablecoins, while Bithumb offers five without RLUSD. Upbit separately launched a zero-fee promotion on the six stablecoins in its won market from July 26 through August 2, a move competitors and industry participants view as an effort to deepen stablecoin liquidity and revive trading activity. As of the morning of July 28, USDT turnover on Upbit was nearing 160 billion won, versus about 64 billion won on Bithumb during the same period. The push reflects the role stablecoins play as trading collateral, remittance tools and lower-volatility parking places for funds when demand for Bitcoin and altcoins weakens. Data from The Block showed total trading volume across South Korean exchanges reached $15.13 billion from July 1 to July 27, the lowest monthly figure since October 2020.