Ripple's RLUSD stablecoin has received approval from Dubai's regulator for use in the Dubai International Financial Centre (DIFC). This marks an important step for business opportunities in the region.
Approval of RLUSD for Use in DIFC
Dubai's regulator has granted approval for the use of the RLUSD stablecoin in the DIFC, making it available for nearly 7,000 companies regulated by the Dubai Financial Services Authority (DFSA). In a statement on its X page, Ripple commented: 'Another milestone as we expand our footprint in the DIFC and across the UAE.'
Potential Use of RLUSD
With this approval, Ripple will be able to offer its cross-border payment and digital asset custody solutions to businesses of all sizes in the Middle East and Africa (MEA) region. This also builds on Ripple's partnerships with local banks and payment companies, including Zand Bank and Mamo.
Stablecoin Market in UAE
Ripple states that the UAE is well-positioned to become a global hub for stablecoin utility, citing data from Chainalysis that shows a 55% year-on-year increase in stablecoin adoption in the UAE in 2024. These figures, according to Ripple, confirm the growing interest in blockchain solutions.
The approval of the RLUSD stablecoin in the DIFC represents a significant advancement for Ripple and businesses in the region. It opens new opportunities for the use of blockchain technologies and could have a considerable impact on the stablecoin market in the UAE.
