Ripple's RLUSD Stablecoin Approved in Dubai
Ripple's US dollar-backed stablecoin, RLUSD, has received approval from the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC). This approval integrates RLUSD into Ripple's DFSA-licensed payment platform, making it accessible to approximately 7,000 firms based in DIFC for cross-border settlements and cryptocurrency services. Ripple, having already secured a license for international payments in the UAE, strengthens its presence in the Middle East. Jack McDonald, Ripple’s senior VP of stablecoins, expressed that this move reinforces Ripple's commitment to enhancing Dubai's digital financial landscape. With increasing institutional demand for crypto services, Ripple is partnering with local companies like Zand and Mamo and collaborating with Ctrl Alt and the Dubai Land Department to tokenize real estate deeds. Launched in December 2024, RLUSD is fully backed by US dollar reserves and got initial approval from the New York Department of Financial Services. With a $310 million market cap, RLUSD competes in a stablecoin arena dominated by Tether's USDT and Circle's USDC.
FAQ
❓ What is RLUSD?
RLUSD is Ripple's stablecoin, pegged to the US dollar and approved for use in Dubai's financial sector.
❓ What does DFSA approval mean for RLUSD?
DFSA's approval allows RLUSD to be used in Dubai's financial center, facilitating cross-border transactions and crypto services.
❓ Who benefits from RLUSD?
About 7,000 firms in Dubai's financial hub can use RLUSD for enhanced digital finance operations.