Hassan Maishera
TL;DR
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Ripple's RLUSD stablecoin has received regulatory approval from Dubai regulators.
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The stablecoin can also be used within the Dubai International Financial Centre.
RLUSD Gains Approval in Dubai
RLUSD, Ripple’s U.S. Dollar pegged stablecoin, has gained regulatory approval from Dubai’s financial regulator. This latest development makes it possible for the stablecoin to gain acceptance within the Dubai International Financial Centre (DIFC).
According to the company, the approval granted by the Dubai Financial Services Authority implies that the RLUSD stablecoin can now be integrated into Ripple’s licensed payments platform and potentially leveraged by other DFSA-registered entities.
The approval could help expand Ripple’s growing importance in the region. Dubai is fast becoming a cryptocurrency hub thanks to regulatory clarity and other incentives. In its statement, Ripple added that,
“This approval reinforces RLUSD’s position as a stablecoin built with regulatory compliance and transparency at its core.”
RLUSD was launched a few months ago and looks to compete with industry giants USDT and USDC. However, with a market cap of $333 million, RLUSD is still miles behind the two leading stablecoins.
The approval comes as the company continues to expand its presence in the UAE. Ripple recently partnered with local banks and payments firms like Zand Bank and Mamo. It also collaborated with Ctrl Alt on a real estate tokenization project for Dubai’s Land Department.
