Dubai Authorizes Use of Ripple's Stablecoin, RLUSD, within DIFC
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Ripple's stablecoin, RLUSD, has bagged approval from Dubai's regulator, the Dubai Financial Services Authority (DFSA), to operate within the Dubai International Financial Centre (DIFC) – the Middle East's leading financial hub.
"Yet another milestone as we carve our niche in the DIFC and broaden our influence across the UAE," Ripple commented on the approval in a June 3 X post.
RLUSD Appears Set to Be Adopted by Nearly 7,000 Firms
This approval paves the way for RLUSD to be utilized by around 7,000 DFSA-regulated companies working in the DIFC, according to Ripple's announcement. The DFSA's greenlight also enables Ripple to cater to the surging demand from businesses of all sizes for cross-border payments and digital asset management solutions in the Middle East and Africa (MEA) region.
This development follows Ripple's growing footprint in the Middle East. Recent partnerships include collaborations with local banks and payments firms such as Zand Bank and Mamo. Additionally, Ripple has partnered with Ctrl Alt to tokenize real estate title deeds for Dubai's Land Department on the XRP Ledger.
Ripple Views UAE as Ideal Hub for Stablecoins
In the official statement, Ripple revealed market data from on-chain analytics firm Chainalysis showing a 55% year-on-year increase in stablecoin adoption in the UAE in 2024. This growth is indicative of the strong demand for blockchain solutions catering to the inefficiencies of conventional payment systems, according to Ripple. The UAE, with its sizable international trade market worth over $400 billion and progressive digital asset regulatory frameworks, is well-positioned to become a global hub for stablecoin utility and innovation.
Though RLUSD has been deemed acceptable for use within the DFSA, widespread adoption remains unclear, especially considering similar approvals granted to stablecoins issued by Circle like USD Coin (USDC) and EURC (EURC).
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The approval of RLUSD allows it to be utilized by approximately 7,000 DFSA-regulated companies operating within the DIFC, expanding Ripple's presence in the finance industry of the Middle East. This move also positions the UAE as a potential global hub for stablecoin utility and innovation, particularly in the technology sector.
Ripple's announcement also highlighted a 55% year-on-year increase in stablecoin adoption in the UAE, demonstrating a strong demand for blockchain solutions to address inefficiencies in conventional payment systems.
