Ripple's Stablecoin Successfully Gains Regulator Approval in Dubai
Ripple's RLUSD stablecoin has been approved and recognized by the Dubai Financial Services Authority (DFSA) to transact in the Dubai International Financial Centre (DIFC). This permission strengthens its position in the stablecoin market.
According to Ripple's Senior Vice President of Stablecoins, Jack McDonald, this step signifies Ripple's commitment to building compliant stablecoins. This is also to gain trust from institutions globally.
"With a design prioritizing regulation and enterprise-grade features, RLUSD is uniquely positioned to drive institutional adoption of blockchain technology across global markets, starting with cross-border payments," it stated in its official report.
It is known that the adoption rate of stablecoins in the United Arab Emirates (UAE) is rapidly growing. According to Chainalysis data, stablecoin transactions are projected to increase by 55% in this Middle Eastern region in 2024.
