Ripple has obtained regulatory clearance to launch its US dollar-backed stablecoin, RLUSD, in the Dubai International Financial Centre (DIFC) under the supervision of the Dubai Financial Services Authority (DFSA). This move signifies Ripple's expansion strategy in the Middle East, enabling RLUSD to function as a payment channel within Ripple's existing DFSA-licensed digital asset platform. The approval paves the way for over 7,000 DIFC companies to utilize the stablecoin for cross-border transactions and digital asset settlements. Ripple's presence in the region has been growing, with previous approval to serve clients in the UAE's cross-border payments market. The integration of RLUSD in the DIFC aligns with the increasing institutional interest in digital assets in the Gulf region. Ripple is collaborating with local entities like Zand and Mamo to introduce RLUSD-powered payment solutions. The stablecoin, launched in 2024, is backed by US dollar reserves and has a market capitalization exceeding $300 million, positioning it in the global stablecoin market alongside major players like USDT and USDC. The approval in Dubai opens up new opportunities for Ripple in the evolving financial landscape. Read more AI-generated news on: https://app.chaingpt.org/news

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