#DUBAI OPENS the DOORS to Ripple!
RLUSD, Ripple's stablecoin, gets the GREEN LIGHT in the DIFC
Will it dominate cross-border payments in the Middle East?
#Ripple , the company behind cryptocurrency #xrp , has taken a giant strategic step in expanding its stablecoin, #RLUSD , by obtaining approval from the Dubai Financial Services Authority (DFSA).
This authorization allows the US dollar-pegged stablecoin to be integrated as a payment platform within the prestigious Dubai International Financial Centre (DIFC).
Access to 7,000 Companies: This measure is expected to enable approximately 7,000 companies based in the DIFC to use Ripple's stablecoin for cross-border settlements and a variety of cryptocurrency services.
Jack McDonald, senior vice president of stablecoins at Ripple, stated that the approval reaffirms the company's commitment to the development of Dubai's digital financial infrastructure. The company has seen an increase in institutional demand for cryptocurrency payment and custody services in the region, according to Reece Merrick, managing director of Ripple for the Middle East and Africa.