Enterprise blockchain and crypto solution firm Ripple has received a green signal for its stablecoin RLUSD, as a recognised crypto token by the Dubai Financial Services Authority (DFSA). The token can now be used within the Dubai International Financial Centre (DIFC).
This recognition allows Ripple to integrate RLUSD into its DFSA-licensed flagship payments solution, combining the stability of a trusted digital dollar and Ripple’s global payout network, a press release stated. The approval also enables other DFSA-licensed firms in DIFC to incorporate RLUSD into their virtual assets services. RLUSD is also among the few stablecoins regulated under New York’s strict financial laws.
“The UAE’s digital economy is vibrant and incredibly dynamic, and we’re looking forward to working with our regional partners, customers, and regulators to supercharge that growth,” said Reece Merrick, Managing Director Middle East and Africa (MEA) at Ripple.
RLUSD’s recognition also comes just days after Zand banks and Mamo became Ripple’s first clients to adopt blockchain-enabled payments in the UAE. Ripple is also partnering with Ctrl Alt to support the Dubai Land Department’s (DLD) pioneering Real Estate Tokenization Project, which will see real estate title deeds tokenized on the XRP Ledger.
Stablecoin adoption in the UAE is accelerating. According to market data from Chainalysis, 2024 saw a 55% year-on-year increase in stablecoin transactions in the region. The UAE is well-positioned to become a global hub for stablecoin innovation and utility, with a $400 billion market waiting to be explored.