Ripple has ticked a major achievement off its list. The Dubai Financial Services Authority (DFSA) has cleared the use of RLUSD, the U.S.-pegged stablecoin, for Ripple within the Dubai International Financial Centre (DIFC). This enables over 7,000 registered businesses in the DIFC to make use of RLUSD in their various virtual asset services like payments, treasury management, and custody solutions.
RLUSD was released in December 2024 as a stablecoin that is 1:1 backed by U.S. dollars. The stablecoin is tradable on the XRP Ledger and Ethereum blockchains. The market capitalization of the stablecoin has hit $333.6 million with a trading volume of $10 billion in the same period.
Challenges and regulations in the market have catalyzed Dubai to take a step in the direction of blockchain. In an interview with Reece Merrick, the Managing Director of Ripple in the Middle East and Africa, he mentioned the intrinsic growth of the digital economy and the accelerated embrace of the business community towards digital custody solutions and cross-border payments.
RLUSD not only promotes financial services, but it will also take the lead in the Dubai Land Department's project for tokenizing real estate title deeds on the XRP Ledger. The driving force behind this collaboration is transparency and improved efficiency in property transactions.
RLUSD has been successfully approved by the New York Department of Financial Services (NYDFS) as confirmed by Ripple , thus, underlining to industry participants the legitimacy and integrity of the project and the company's commitment to stringent financial regulations.
The green light of RLUSD in Dubai is a remarkable leap in Ripple's expansion plan, enabling the company to deliver improved financial services in the Middle East and other parts of the world.
