- Ripple’s RLUSD stablecoin gets regulatory approval from the DFSA for use in Dubai’s DIFC zone.
- RLUSD is designed for enterprise-grade cross-border payments with strong regulatory safeguards.
- DIFC’s 7,000+ firms can now integrate RLUSD, boosting stablecoin use in the UAE’s fintech space.
Ripple’s RLUSD stablecoin has been officially approved for use in Dubai International Financial Centre (DIFC) by the Dubai Financial Services Authority (DFSA). The firm says this marks a step forward in its plan to drive global blockchain adoption.
RLUSD is designed for enterprises. It focuses on supporting cross-border payments with speed, cost-efficiency, and reliability. Ripple said RLUSD meets strict regulatory standards, including a 1:1 USD backing by high-quality liquid assets. The stablecoin also features robust asset safeguards, segregated reserves, and independent audits.
Ripple said the approval allows integration of RLUSD into its licensed payment platform in the DIFC. This service utilizes blockchain technology to enhance global payment networks for businesses. Jack McDonald, Ripple’s SVP of Stablecoins, said RLUSD was built with trust, transparency, and utility in mind.
He added that the stablecoin has a regulation-first design and is made for large-scale financial use. RLUSD is also issued under a New York Department of Financial Services Trust Company Charter. Ripple stated that a few other stablecoins also have this dual recognition.
Ripple announced that DFSA-licensed companies in the DIFC can now utilize RLUSD in their digital asset services. The DIFC has nearly 7,000 active firms. Ripple expects this will drive more adoption of regulated stablecoins across Dubai’s fintech sector.
Related: Dubai Launches Real Estate Tokenization Project on XRPL
According to market data, the use of stablecoins in the UAE increased by 55% year-over-year in 2024. Ripple believes this indicates a growing demand for more efficient global payment systems. The UAE currently handles over $400 billion in international trade yearly. Ripple noted that the country’s crypto laws are among the most advanced in the world.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, said the DFSA’s approval supports Ripple’s growth in the region. He said regional interest is high in digital asset custody and blockchain-based payment systems.
It is also working with Ctrl Alt and the Dubai Land Department on a tokenized real estate project. The project will use the XRP Ledger to digitize property title deeds. Ripple also recently announced Zand Bank and Mamo as its first regulated payment solution customers in the UAE.
