Ripple Labs reported that Singapore’s Monetary Authority (MAS) approved an expansion of payment activities under the firm’s Major Payment Institution license, giving the company fresh room to grow its regulated services in one of Asia’s most active crypto markets.
The approval, announced on Monday, allows Ripple Markets APAC, a subsidiary, to broaden digital payment offerings that use XRP and Ripple’s RLUSD stablecoin.
The company said the decision strengthens its ability to support banks, crypto platforms, and fintech firms that want faster cross-border transactions. Ripple President Monica Long said MAS has created a rare sense of regulatory certainty. She added that Ripple’s “regulation-first” mindset fits well in Singapore, where clear rules help new services grow.
Ripple’s platform moves money through a global payout network that uses digital tokens for near-instant settlements. It lets businesses launch payment products without building costly infrastructure. Additionally, the system replaces multiple partners with a single onboarding process. It also simplifies access to digital assets because customers do not need extra bank relationships or specialized systems.
Fiona Murray, Ripple’s Asia-Pacific managing director, said the region continues to lead global crypto adoption. She noted that on-chain activity rose sharply over the past year. Furthermore, she said the expanded license will help Ripple offer a broader set of regulated tools to institutions that want quicker and more efficient transactions.
Ripple’s growth push comes during a volatile period for XRP, the fourth-largest cryptocurrency by market value. XRP reached a record price of USD$3.65 in July after strong investor interest and optimism around potential ETF approvals. However, the token has dropped about 20 per cent in the past month and recently traded near USD$2.00 after a steep daily decline.
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Ripple spent the Biden years fighting the SEC
Meanwhile, RLUSD, Ripple’s dollar-backed stablecoin, has reached a market cap of about USD$1.26 billion. It saw nearly USD$79 million in 24-hour trading volume, according to CoinGecko. The company said RLUSD plays a key role in supporting fast settlements for enterprise clients.
Ripple believes Singapore sits at the centre of accelerating digital asset adoption in Asia. Furthermore, the firm said the updated approval will help financial institutions move money across borders with more speed, better transparency, and lower operational demands.
Ripple Labs spent the Biden years locked in a long fight with the U.S. Securities and Exchange Commission after regulators said the company sold XRP as an unregistered security. The SEC launched the case in late 2020 and argued that Ripple raised more than a billion dollars through improper sales. Ripple pushed back and said XRP functioned as a digital asset used for payments, not as a security that required registration.
A federal judge delivered a mixed ruling in 2023. The decision said Ripple’s sales to institutional buyers counted as securities transactions. However, the ruling also said public-exchange sales did not. The court ordered Ripple to pay a significant penalty, and the company spent the next two years navigating appeals, filings, and ongoing uncertainty. Additionally, the dispute slowed Ripple’s U.S. growth efforts because many firms avoided XRP while the case remained active.
The regulatory climate shifted after Donald Trump returned to the White House. The new administration adopted a friendlier stance toward digital assets. The SEC dropped its appeal in early 2025. Ripple then withdrew its own planned appeal. Consequently, both sides ended the case that summer under agreed terms.
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