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Ripple's Stablecoin Successfully Obtains Regulatory Approval in Dubai
The RLUSD stablecoin developed by Ripple has been approved and recognized by the Dubai Financial Services Authority (DFSA) to be able to transact in the Dubai International Financial Centre (DIFC). Thus, with this permission, it can strengthen its position in the stablecoin market.
According to the Senior Vice President of Stablecoins at Ripple, Jack McDonald, this step signifies Ripple's commitment to building compliant stablecoins. This is also aimed at gaining trust from institutions globally.
"With a design that prioritizes regulation and enterprise-grade features, RLUSD is uniquely positioned to drive the institutional adoption of blockchain technology across global markets, starting with cross-border payments," it wrote in its official report.
It is known that the adoption rate of stablecoins in the United Arab Emirates (UEA) is growing. According to Chainalysis data, stablecoin transactions increased by 55% in this Middle Eastern region in 2024.
#XRP