Ripple’s RLUSD stablecoin has received official approval from the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC). This regulation allows DIFC companies to utilize RLUSD for various virtual asset services, such as payments and treasury management. Ripple aims to enhance the UAE's financial landscape by facilitating interest in crypto solutions from local businesses. Ripple's managing director for the Middle East and Africa, Reece Merrick, highlighted the thriving digital economy in the UAE and the demand for cross-border payment solutions. The stablecoin will also aid the Dubai Land Department’s initiative to tokenize real estate title deeds on the XRP Ledger. The approval follows Ripple’s previous licensing by the DFSA and positions RLUSD among a select group of stablecoins recognized under the DFSA's crypto token regime, also gaining approval from the New York Department of Financial Services. The use of RLUSD is expected to grow as Ripple collaborates with local partners like Zand and Mamo to roll out its regulated payment services.

Source 🔗