NewsletterBreaking: Ripple Stablecoin (RLUSD) Approved in Dubai
Highlights
- Dubai’s DFSA has officially approved Ripple RLUSD stablecoin, making it legal for use within the DIFC.
- The approval enables 7k+ companies in DIFC to use RLUSD for regulated enterprise-grade financial transactions.
- Ripple’s RLUSD is expanding rapidly amid multiple exchange listings.
The popular Ripple stablecoin, RLUSD, has received recognition as a crypto token in Dubai. The token launched in December 2024 has been making significant milestones ever since its launch and aims to revolutionize cross-border transactions with its 1:1 USD or cash backing, regulatory clarity, and transparency.
Dubai Approved Ripple Stablecoin RLUSD
According to the official Ripple announcement, RLUSD stablecoin has been approved in Dubai after receiving regulatory approval from the Dubai Financial Services Authority (DFSA). As a result, it is now legally allowed and permitted for use within the Dubai International Financial Centre (DIFC), which is a special economic zone.
More importantly, the 7,000 companies operating within the DIFC can utilize this stablecoin for enterprise-grade financial transactions. Besides, it is now regulated in both Dubai and New York. Dubai approval signals its stronghold on global compliance and practical use.
This decision complies with Dubai’s growing crypto adoption as it is among the top digital asset hubs. Interestingly, Solana has signed an MOU with the VARA, Dubai’s Virtual Assets Regulatory Authority. This is to enhance collaboration between crypto builders and regulators.
Besides, Ripple reports mentioned that the stablecoin transaction in the UAE in 2024 rose 55% YoY. As a result, it is the ideal decision for the country. More importantly, it’s among the few top stablecoins that are issued under the NYDFS Trust Company Charter.
As a result, it emphasizes that it has strong regulatory backing.
Ripple’s Ongoing Partnership With Dubai & Other RLUSD Milestones
Dubai’s acknowledgement of the Ripple RLUSD stablecoin is a major milestone and could fuel its adoption in cross-border transactions and business payments. Ripple is already supporting the Dubai Land Department’s Real Estate Tokenization Project through a partnership with Ctrl Alt, using the XRP Ledger.
As Ripple expands its regional footprints, RLUSD’s scope beyond payments is possible, especially as its demand is high. Just recently, Bitget listed RLUSD stablecoin, making it the fourth centralized crypto exchange listing.
Others include Kraken, Gemini, and LMAX Digital. It is also the 15th biggest stablecoin in the market. However, Ripple CEO Brad Garlinghouse sees it as becoming the gold standard for enterprise-grade tokens.
Frequently Asked Questions (FAQs)
1. What is Ripple’s RLUSD stablecoin?
2. Is RLUSD legally approved in Dubai now?
3. Which crypto exchanges have listed RLUSD?
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