Ripple’s USD-pegged stablecoin, RLUSD, has gained regulatory approval from the financial authorities in Dubai, enabling its utilization within the Dubai International Financial Centre (DIFC). Here are the key details:

• The Dubai Financial Services Authority has allowed RLUSD to be incorporated into Ripple’s licensed payments platform, which may also cater to other entities registered with the DFSA.
• While this approval paves the way for greater adoption, it remains uncertain how many firms will choose to utilize RLUSD in their operations.

Despite being approved, the number of institutional users for RLUSD in Dubai is still a point of speculation. Ripple aims to strengthen its presence in the UAE, evidenced by recent partnerships with local financial institutions like Zand Bank and Mamo, as well as a venture with Ctrl Alt for a real estate tokenization project with Dubai’s Land Department.

Ripple has noted a significant increase in institutional stablecoin transactions in the UAE, reporting a 55% rise year-on-year.

“This approval reinforces RLUSD’s position as a stablecoin built with regulatory compliance and transparency at its core,” stated Ripple.