The authorization allows the crypto company to broaden regulated payment offerings using XRP and RLUSD stablecoin through subsidiary Ripple Markets APAC.
Ripple News
Ripple has received regulatory approval from Singapore's Monetary Authority to expand payment activities under its Major Payment Institution license. The authorization allows the crypto company to broaden regulated payment offerings using XRP and RLUSD stablecoin through subsidiary Ripple Markets APAC.
The expansion permits Ripple to offer enhanced payment services to Singapore customers through its blockchain-powered platform. President Monica Long stated that MAS has set a leading standard for regulatory clarity in digital assets, praising Singapore's forward-thinking approach to innovation.
Ripple has maintained a regulation-first approach according to Long, who noted Singapore proves that innovation thrives when rules are clear. The expanded license strengthens the company's ability to invest in Singapore and build infrastructure that financial institutions need for efficient money movement.
The Ripple Payments platform uses crypto tokens, including RLUSD and XRP, within a global payout network to facilitate fast cross-border transactions for banks, crypto companies, and fintechs. The system allows businesses to launch digital payment services quickly without infrastructure costs.
Key features include settlements in minutes using digital payment tokens, single onboarding to replace multiple partners, and simplified digital asset access without requiring additional bank relationships or specialized infrastructure. The streamlined approach reduces operational complexity for institutional clients.
Fiona Murray, Ripple's VP and managing director of Asia Pacific, noted the region leads the world in real digital asset usage with on-chain activity up roughly 70% year-over-year. Singapore sits at the center of that growth as a major financial hub.
The expanded scope of payment activities enables better support for institutions driving regional growth by offering a broad suite of regulated payment services. Murray emphasized that this brings faster and more efficient payments to customers operating in the Asia Pacific markets.
The dollar-pegged RLUSD maintains a market cap of $1.26 billion with 24-hour trading volume near $79 million. Recent launches of XRP funds have not prevented price declines despite expanded institutional access and regulatory progress in key markets like Singapore.
XRP currently trades around $2.00 after falling approximately 20% over the last 30 days, including a 9% drop in the past 24 hours. The fourth-largest cryptocurrency by market cap surged to an all-time high of $3.65 in July, breaking a seven-year record, fueled by regulatory optimism and investor excitement over anticipated ETF approvals.
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