Ripple’s RLUSD Approved by Dubai Regulator as Recognized Crypto Token
- Dubai Financial Services Authority (DFSA) approved RLUSD stablecoin usage
- Registered businesses in Dubai International Financial Centre (DIFC) can use RLUSD for fund transfers
Ripple is gradually strengthening its position in the crypto market by focusing on global expansion. Its 4-year-long lawsuit with the SEC came to an end after Trump’s presidency, and the project is witnessing growth and expansion across countries. Today marked a big milestone for Ripple as its native stablecoin, RLUSD, was approved by Dubai regulators as a recognized crypto token.
As per the official announcement made by Ripple earlier today, the Dubai Financial Services Authority (DFSA) gave a green light to RLUSD. Around 7,000 businesses that are registered with Dubai International Financial Centre (DIFC) can now use this stablecoin for various digital asset services.
Referring to the approval, Ripple Senior Vice President of Stablecoins, Jack McDonald, said,
“The DFSA’s approval of RLUSD is proof of our commitment to building a stablecoin that meets the highest standards of trust, transparency, and utility. RLUSD is uniquely positioned to drive institutional use of blockchain technology across global markets, starting with cross-border payments.”
On the other hand, Ripple Managing Director Middle East and Africa (MEA) underlined how Dubai is setting a global benchmark for digital asset innovation. Following the approval of Dubai regulators, Ripple will continue its operations with regional partners, customers, and regulators in the country for more growth.
Ripple Adoption Gains Momentum in Dubai
The major crypto project has made its way into the UAE way before its RLUSD approval from the DFSA. Dubai-based clients, Zand Bank and Mamo, have already adopted the project for blockchain payments. With each partnership and regulatory approval, Ripple is moving closer to achieving its vision of offering cross-border institutional payments.
Ripple has also mentioned another partnership with Ctrl Alt to support one of the pioneering Real Estate Tokenization projects. It is going to play an important role in the Dubai Land Department’s (DLD) project by tokenizing real estate deeds on the XRP Ledger.
The stablecoin market is booming with increased regulatory attention from the US regulators. It recently crossed the $250 billion market cap milestone and emerged to be one of the most important aspects of crypto. Stablecoin adoption in the UAE is also increasing at a faster pace of nearly 55% YOY growth last year in Dubai. RLUSD approval at these favorable times further boosts the adoption of Ripple’s stablecoin.
Ripple’s XRP Price Rallies Following Dubai Regulator’s RLUSD Approval
In the meantime, Ripple’s native token, XRP, is witnessing price growth in the last 24 hours. It is currently trading at $2.21, with a 3.24% increase, probably driven by the Dubai regulator approval news. Its 24-hour trading volume surged over 26%, while its market cap stands just below $130 billion.
As Ripple’s global expansion increases, we might witness record volumes of both RLUSD and XRP tokens. The project didn’t witness any growth and adoption for several years due to its lawsuit with the SEC. However, the favorable regulatory environment in the US is pushing Ripple to new highs, as global countries continue to accept the project and its native tokens.
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Ripple’s RLUSD Approved by Dubai Regulator as Recognized Crypto Token
- Dubai Financial Services Authority (DFSA) approved RLUSD stablecoin usage
- Registered businesses in Dubai International Financial Centre (DIFC) can use RLUSD for fund transfers
Ripple is gradually strengthening its position in the crypto market by focusing on global expansion. Its 4-year-long lawsuit with the SEC came to an end after Trump’s presidency, and the project is witnessing growth and expansion across countries. Today marked a big milestone for Ripple as its native stablecoin, RLUSD, was approved by Dubai regulators as a recognized crypto token.
As per the official announcement made by Ripple earlier today, the Dubai Financial Services Authority (DFSA) gave a green light to RLUSD. Around 7,000 businesses that are registered with Dubai International Financial Centre (DIFC) can now use this stablecoin for various digital asset services.
Referring to the approval, Ripple Senior Vice President of Stablecoins, Jack McDonald, said,
“The DFSA’s approval of RLUSD is proof of our commitment to building a stablecoin that meets the highest standards of trust, transparency, and utility. RLUSD is uniquely positioned to drive institutional use of blockchain technology across global markets, starting with cross-border payments.”
On the other hand, Ripple Managing Director Middle East and Africa (MEA) underlined how Dubai is setting a global benchmark for digital asset innovation. Following the approval of Dubai regulators, Ripple will continue its operations with regional partners, customers, and regulators in the country for more growth.
Ripple Adoption Gains Momentum in Dubai
The major crypto project has made its way into the UAE way before its RLUSD approval from the DFSA. Dubai-based clients, Zand Bank and Mamo, have already adopted the project for blockchain payments. With each partnership and regulatory approval, Ripple is moving closer to achieving its vision of offering cross-border institutional payments.
Ripple has also mentioned another partnership with Ctrl Alt to support one of the pioneering Real Estate Tokenization projects. It is going to play an important role in the Dubai Land Department’s (DLD) project by tokenizing real estate deeds on the XRP Ledger.
The stablecoin market is booming with increased regulatory attention from the US regulators. It recently crossed the $250 billion market cap milestone and emerged to be one of the most important aspects of crypto. Stablecoin adoption in the UAE is also increasing at a faster pace of nearly 55% YOY growth last year in Dubai. RLUSD approval at these favorable times further boosts the adoption of Ripple’s stablecoin.
Ripple’s XRP Price Rallies Following Dubai Regulator’s RLUSD Approval
In the meantime, Ripple’s native token, XRP, is witnessing price growth in the last 24 hours. It is currently trading at $2.21, with a 3.24% increase, probably driven by the Dubai regulator approval news. Its 24-hour trading volume surged over 26%, while its market cap stands just below $130 billion.
As Ripple’s global expansion increases, we might witness record volumes of both RLUSD and XRP tokens. The project didn’t witness any growth and adoption for several years due to its lawsuit with the SEC. However, the favorable regulatory environment in the US is pushing Ripple to new highs, as global countries continue to accept the project and its native tokens.
Highlighted Crypto News Today:
Coinbase Pushes Back Against Oregon Lawsuit, Seeks Federal Court Intervention
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