Dubai approves Ripple’s RLUSD stablecoin

Ripple's RLUSD Stablecoin, pegged to the US dollar, has just been approved by the Dubai Financial Services Authority (DFSA) for use in the Dubai International Financial Centre (DIFC), expanding Ripple's presence in the Middle East. With this approval, RLUSD will be integrated into Ripple's payment platform licensed in Dubai. Approximately 7,000 businesses operating in DIFC can use this stablecoin for cross-border payments and cryptocurrency services. Previously, Ripple was also licensed to serve UAE's $40 billion international money transfer market. According to Jack McDonald, Ripple's Senior Vice President of Stablecoin, the DFSA approval demonstrates the company's commitment to supporting Dubai's digital financial infrastructure. The demand from regional institutions for crypto payment and custody services is also increasing, according to Regional Director Reece Merrick. To anticipate this trend, Ripple has partnered with local partners such as digital bank Zand, fintech platform Mamo, infrastructure company Ctrl Alt, and Dubai Land Department to bring real estate ownership data to the XRP Ledger. RLUSD was launched in December 2024, backed 1:1 by USD and approved by New York financial authorities. The token currently has a Capital of around $310 million and is participating in the $250 billion stablecoin market dominated by USDT and USDC.