Ripple Labs is taking steps to expand its U.S. dollar-backed stablecoin, RLUSD, into Europe, starting with Luxembourg. This move is part of a broader strategy to increase Ripple’s presence in the European Economic Area.
Ripple Establishes New Base in Luxembourg
In April, Ripple launched Ripple Payments Europe SA in Luxembourg, marking the start of its European journey. The new office is preparing to apply for an Electronic Money Institution (EMI) license. If approved, this license will allow RLUSD to operate in all 30 EEA countries without needing separate licenses in each country. Luxembourg is chosen as the ideal location for expansion due to its reputation as a financial center and partnerships, including BNY Mellon.
Compliance with Regulatory Standards
Ripple emphasizes that it aims to grow within the set rules. A company representative noted that there is great potential in Europe, and Ripple plans to fully comply with the new EU regulations — MiCA. This law requires stablecoin issuers like RLUSD to meet strict reserve and reporting standards. Chris Myers, EMEA Senior Counsel, is leading the company’s efforts on the ground, aiding in the licensing process and interacting with the country’s financial regulator.
Global Expansion
Ripple is not limiting itself to Europe. RLUSD has also been recognized as a crypto token in Dubai, which is becoming a global hub for digital assets. Additionally, Ripple is partnering with Alchemy Pay to enhance access to RLUSD worldwide. This partnership enables users in over 170 countries to buy RLUSD directly using local payment methods, simplifying the process of entering the crypto economy.
Ripple is seeking to strengthen its position on the international stage by promoting the RLUSD stablecoin while adhering to new regulatory standards and establishing partnerships to enhance accessibility.
