Dubai regulator approves RLUSD stablecoin
Ripple’s U.S.-regulated RLUSD stablecoin has been officially approved by the Dubai Financial Services Authority (DFSA), allowing it to be used within the Dubai International Financial Centre (DIFC).
The approval grants DIFC-based companies the ability to integrate RLUSD into a range of virtual asset services, including payments, digital treasury operations, and asset management, reports Cointelegraph.
This move reinforces Dubai’s position as a global hub for digital finance, with the DIFC already home to nearly 7,000 registered businesses as of the end of 2024.
UAE sees growing demand for Ripple-based crypto solutions
Reece Merrick, Ripple’s managing director for the Middle East and Africa, emphasized that the UAE is experiencing strong demand for blockchain-enabled services. According to Merrick, local businesses are increasingly turning to Ripple for cross-border payment infrastructure and digital asset custody.
Ripple is already collaborating with regional partners like Zand digital bank and fintech platform Mamo, both of which are expected to adopt RLUSD for regulated payment services. Ripple also revealed that RLUSD will play a critical role in the Dubai Land Department’s ongoing real estate tokenization pilot, helping record title deeds on the XRP Ledger.
Ripple cements global footprint with dual regulatory recognition
The DFSA greenlight for RLUSD comes just months after Ripple secured a full operating license in the DIFC on March 13. RLUSD is now one of a select few stablecoins approved under both the DFSA’s virtual asset framework and the New York Department of Financial Services (NYDFS) Trust Company Charter. The NYDFS approved RLUSD on December 10, 2024. Alongside RLUSD, the DFSA also recognizes Circle’s stablecoins USDC and EURC for use in the DIFC, marking a significant expansion of approved stablecoin options for regional businesses seeking compliant digital asset services.
Recently we wrote that the Dubai government has signed a formal agreement with Crypto.com to allow residents and businesses to pay for government services using cryptocurrencies.
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