Upbit, the leading South Korean cryptocurrency exchange, listed Ripple's RLUSD stablecoin on July 28, 2026, according to U.Today. According to U.Today's reporting citing Upbit's official announcement, the exchange launched three trading pairs: RLUSD/KRW, RLUSD/BTC, and RLUSD/USDT.
Why Upbit Is Different
According to U.Today, Upbit boasts a 70% share of the South Korean cryptocurrency market. That market concentration matters specifically for RLUSD and XRP. South Korea has consistently been one of the strongest markets for the XRP token, dating back to XRP's initial adoption on local exchanges during the 2017–2018 bull market. Korean exchanges are heavily driven by altcoins, and XRP/KRW has historically been one of the deepest and most liquid XRP markets in the world.
According to U.Today's July 28 report, on Upbit, XRP/KRW was the exchange's most-traded market — ahead of BTC/KRW — in 2025. Adding RLUSD to that same environment creates a stablecoin pairing in the most XRP-concentrated retail market on the planet.
Where RLUSD Trades Now
According to U.Today citing CoinGecko data, Bullish is the largest venue for RLUSD trading, accounting for roughly 52% of total spot volume through its XRP/RLUSD, RLUSD/USDC, ETH/RLUSD, and BTC/RLUSD markets. Binance is the second-largest, with the RLUSD/USDT pair accounting for roughly 16% of global RLUSD trading volume.
According to the same report, the XRP/RLUSD pair on Bullish is the single largest RLUSD market by volume, followed by Binance's RLUSD/USDT pair, Bullish's RLUSD/USDC market, First Ledger's RLUSD/XRP pool, and Sologenic's XRP/RLUSD pair.
Notable prior RLUSD exchange listings, according to U.Today, include OKX in April 2026, Kraken in April 2025, and Bitstamp in January 2025.
The Korea Signal
According to U.Today, Korean exchanges mainly offer KRW-denominated spot markets rather than stablecoin pairs, meaning retail investors tend to trade directly against the Korean won. The introduction of RLUSD/KRW represents a shift — a regulated Ripple-issued stablecoin now accessible directly via the country's dominant currency pair. U.Today noted that periods when XRP dominates Korean trading have historically coincided with significant market volatility.
For on-chain context on RLUSD supply and burn dynamics, see our earlier coverage of RLUSD holder and usage data. For the XRPL infrastructure backdrop, see our July 29 protocol upgrade piece.