Ripple’s RLUSD Stablecoin Wins Key Regulatory Approval From Dubai’s Financial Watchdog
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Dubai’s financial watchdog has approved Ripple’s dollar-pegged stablecoin, RLUSD. Following the Dubai Financial Services Authority’s approval, RLUSD can now be integrated into Ripple’s licensed payments platform and used by companies within the Dubai International Financial Centre (DIFC), which can now use RLUSD for multiple virtual asset services, including payments and treasury management.
The DIFC is a free economic zone and financial district that serves businesses throughout the Middle East, Africa, and South Asia. Over 7,000 companies operate within the financial hub.
RLUSD, which went live in December, has been touted as a highly regulated enterprise-grade stablecoin product. As reported previously by ZyCrypto, the stablecoin also received approval from the New York State Department of Financial Services (NYDFS) just before its official launch.
In March, Ripple obtained full regulatory approval from the Dubai Financial Services Authority to offer blockchain-powered payment solutions. With the DFSA license, the company was preparing to tap into the UAE’s flourishing $40 billion international payments market.
The most recent approval could help strengthen Ripple’s footprint in the region’s fast-growing digital asset ecosystem, where regulatory clarity has been a key catalyst boosting adoption.
“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,” said Ripple’s Senior Vice President of Stablecoins, Jack McDonald, in a statement. “With regulation-first design and enterprise-grade features, RLUSD is uniquely positioned to drive institutional use of blockchain technology across global markets, starting with cross-border payments.”
Strengthening Ties In A Crypto-Friendly Region
The approval of RLUSD for use within the Dubai International Financial Centre comes as Ripple is expanding its presence in the crypto-friendly UAE.
The company has recently teamed up with several local entities, including digital bank Zand and fintech platform Mamo, which are expected to be early adopters of its regulated payment services.
Additionally, Ripple has partnered with infrastructure provider Ctrl Alt to support the Dubai Land Department’s (DLD) pioneering Real Estate Tokenization Project. The company said real estate title deeds will be tokenized on the XRP Ledger.
With its latest Dubai approval, Ripple continues to position itself as a dominant player in blockchain-based payments, even as its long-standing legal battle with the U.S. Securities and Exchange Commission recently hit a roadblock.
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Ripple’s RLUSD Stablecoin Wins Key Regulatory Approval From Dubai’s Financial Watchdog
Share:
Dubai’s financial watchdog has approved Ripple’s dollar-pegged stablecoin, RLUSD. Following the Dubai Financial Services Authority’s approval, RLUSD can now be integrated into Ripple’s licensed payments platform and used by companies within the Dubai International Financial Centre (DIFC), which can now use RLUSD for multiple virtual asset services, including payments and treasury management.
The DIFC is a free economic zone and financial district that serves businesses throughout the Middle East, Africa, and South Asia. Over 7,000 companies operate within the financial hub.
RLUSD, which went live in December, has been touted as a highly regulated enterprise-grade stablecoin product. As reported previously by ZyCrypto, the stablecoin also received approval from the New York State Department of Financial Services (NYDFS) just before its official launch.
In March, Ripple obtained full regulatory approval from the Dubai Financial Services Authority to offer blockchain-powered payment solutions. With the DFSA license, the company was preparing to tap into the UAE’s flourishing $40 billion international payments market.
The most recent approval could help strengthen Ripple’s footprint in the region’s fast-growing digital asset ecosystem, where regulatory clarity has been a key catalyst boosting adoption.
“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,” said Ripple’s Senior Vice President of Stablecoins, Jack McDonald, in a statement. “With regulation-first design and enterprise-grade features, RLUSD is uniquely positioned to drive institutional use of blockchain technology across global markets, starting with cross-border payments.”
Strengthening Ties In A Crypto-Friendly Region
The approval of RLUSD for use within the Dubai International Financial Centre comes as Ripple is expanding its presence in the crypto-friendly UAE.
The company has recently teamed up with several local entities, including digital bank Zand and fintech platform Mamo, which are expected to be early adopters of its regulated payment services.
Additionally, Ripple has partnered with infrastructure provider Ctrl Alt to support the Dubai Land Department’s (DLD) pioneering Real Estate Tokenization Project. The company said real estate title deeds will be tokenized on the XRP Ledger.
With its latest Dubai approval, Ripple continues to position itself as a dominant player in blockchain-based payments, even as its long-standing legal battle with the U.S. Securities and Exchange Commission recently hit a roadblock.
Read More
2 Bullish Signs for Ripple’s (XRP) Price After 15% Weekly Drop: Details