Ripple, a prominent player in enterprise blockchain and crypto solutions, today (Tuesday) announced a significant milestone: its stablecoin, RLUSD, has been officially approved as a recognized crypto token by the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC). This approval positions RLUSD as a trusted and compliant digital asset for institutional use in one of the world’s leading financial hubs.
The DFSA’s recognition underscores RLUSD’s design, which emphasizes regulatory adherence, utility, and transparency. Notably, RLUSD is one of the few stablecoins globally to also be issued under a New York Department of Financial Services (NYDFS) Trust Company Charter, signifying its robust regulatory framework.
“The DFSA’s approval of RLUSD is proof of our commitment to building a stablecoin that meets the highest standards of trust, transparency, and utility,” said Jack McDonald, Senior Vice President of Stablecoins at Ripple. He further added that RLUSD, with its regulation-first design and enterprise-grade features, is uniquely positioned to drive the enterprise utility of blockchain technology across global markets, particularly in optimizing cross-border payments.
This critical approval opens up the use of RLUSD to nearly 7,000 businesses operating within the DIFC, further solidifying Dubai’s growing stature in the global crypto landscape.
Reece Merrick, Ripple’s Middle East and Africa director, lauded the UAE’s innovative regulatory environment, highlighting how RLUSD’s recognition strengthens Ripple’s ongoing initiatives in the region. Ripple is actively engaged in collaborations with entities such as Zand Bank, Mamo, and the Dubai Land Department on various blockchain payment and real estate projects, reinforcing its integral role in the UAE’s rapidly expanding digital economy.
The DFSA’s official ‘Notice of Crypto Token Recognition’ confirms the immediate effectiveness of RLUSD’s recognition, allowing its use by any DFSA-authorized firm that holds the necessary license. This move aligns with Dubai’s strategic vision to foster a vibrant and regulated digital asset ecosystem.
