Ripple’s RLUSD stablecoin approved for use in Dubai’s financial hub

Ripple has secured a major regulatory win as its stablecoin RLUSD gains official approval for use inside Dubai’s prestigious financial free zone. According to a June 3 press release , Ripple’s U.S.-regulated stablecoin RLUSD has received official approval from the Dubai Financial Services Authority for use within the Dubai International Financial Centre. With this approval, RLUSD has become one of the few stablecoins globally to be approved by both the DFSA and the New York Department of Financial Services. RLUSD is backed 1:1 by segregated reserves and high-quality liquid assets. The stablecoin has undergone frequent third-party audits and it is designed for enterprise use. Because of this, it is especially appealing to institutional users looking for stable and compliant cross-border blockchain-based payments. “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.” — Jack McDonald, Ripple’s Senior Vice President of Stablecoins With approval from Dubai’s financial regulator, Ripple can now integrate RLUSD into its DFSA-licensed payments platform, which uses the XRP Ledger to connect a global payout network. RLUSD provides key benefits like cheaper payment costs, faster settlement times, and regulatory clarity. You might also like: Bitget expands USD-backed tokens list with Ripple’s RLUSD stablecoin The DIFC, which is home to nearly 7,000 firms, will support RLUSD across various licensed virtual asset services. Stablecoin usage in the UAE rose 55% year-over-year in 2024, indicating strong institutional demand for blockchain-based payment rails. “The UAE continues to set a global benchmark for forward-thinking digital asset regulation and innovation,” said Reece Merrick, Ripple’s Managing Director for the Middle East and Africa. “We’re seeing huge interest from businesses for cross-border payments and digital asset custody solutions.” The DFSA approval marks the latest milestone in Ripple’s regional expansion. Recent partnerships with Zand Bank and fintech firm Mamo are already leveraging Ripple’s regulated payment rails. To tokenize property deeds on the XRP Ledger, Ripple is also working with the Dubai Land Department and Ctrl Alt. RLUSD was introduced in December 2024 and is available on XRPL and Ethereum ( ETH ). Its utility has grown quickly, with plans to be integrated into Cardano’s ( ADA ) decentralized finance ecosystem and act as collateral on Hidden Road’s institutional platform , which clears more than $3 trillion a year, Read more: Ripple urges SEC clarity on digital asset and investment contract separation

Source: crypto.news