$XRP

🚨Ripple’s RLUSD Gets Regulatory Approval in Dubai🚨

Ripple’s RLUSD stablecoin has been approved by Dubai Financial Services Authority (DFSA) in the Dubai International Financial Centre (DIFC). It is a stablecoin, pegged at 1:1 to the U.S. dollar, with liquid reserves to back the value of it and is intended for institutional usage.

In its official announcement, Ripple praised the approval of RLUSD stating that it would help widen Ripple’s footprint and facilitate compliance across various markets of the world.

In addition to oversight from the DFSA in the UAE and the New York Department of Financial Services (NYDFS) in the US, this stablecoin is subject to the RLUSD token and stringent regulatory standards. Ripple stated specifically, however, that this stablecoin is not intended for retail speculation but for institutional users, reinforcing Ripple’s dedication to transparency and regulatory compliance.

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