Ripple has made an official statement denying allegations of attempting to purchase Circle. At the same time, their stablecoin RLUSD has achieved significant milestones in the UAE.
Ripple Denies Acquisition Talks with Circle
Ripple has officially denied media reports suggesting it attempted to acquire stablecoin issuer Circle. CEO Brad Garlinghouse confirmed that no such negotiations were ever pursued. This clarification came during a private conversation at the Ripple Las Vegas conference, shared publicly by Georgetown Law professor Chris Brummer.
"Brad was unequivocal—Ripple never pursued an acquisition of Circle. And while he wished the company well, it wasn’t something he was considering," Brummer wrote.
Regulatory Success of RLUSD in UAE
Meanwhile, Ripple's expansion in the Middle East has reached a new important milestone: Ripple President Monica Long announced that RLUSD has been officially approved as a recognized crypto token by the Dubai Financial Services Authority (DFSA). This development opens the door for over 7,000 licensed companies in the Dubai International Financial Centre (DIFC) to use RLUSD in their operations.
"This positions RLUSD as not just a compliant stablecoin," noted Monica Long, emphasizing the significance of this development.
Future Prospects for RLUSD
With regulatory clarity secured in both the US and UAE, Ripple plans to ramp up RLUSD integrations across its regional partners. Payment processors and financial service firms based in DIFC are already reportedly in early-stage talks with Ripple about how to embed the stablecoin into their operations. Additionally, Ripple is expected to seek further approvals in other financial centers, particularly in Europe and Asia.
The rumors of acquiring Circle have been denied, which reaffirms Ripple's confidence in its organic growth strategy for the crucial asset RLUSD. With regulatory approval secured in the UAE, Ripple is poised to expand its presence in the growing stablecoin market.
