Ripple's Stablecoin RLUSD Gets Regulatory Nod In Dubai

by Murtuza J Merchant Benzinga Staff Writer

Zinger Key Points

With RLUSD’s $310 million market cap, Ripple aims to challenge dominant players like Tether’s USDT and Circle’s USDC.
Institutional demand for crypto custody and payment solutions is growing rapidly across the Middle East, Ripple executives say.
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Ripple's XRP/USD U.S. dollar-backed stablecoin RLUSD has received regulatory approval from the Dubai Financial Services Authority (DFSA), allowing it to be used as a legal payment mechanism within the Dubai International Financial Centre (DIFC).

This marks a significant expansion of Ripple's presence in the Middle East as it positions itself to tap into the region's growing demand for regulated digital finance infrastructure.

The DFSA's approval means Ripple can now integrate RLUSD into its licensed payment platform within the DIFC.

The move opens the door for over 7,000 companies based in the financial zone to leverage Ripple's stablecoin for cross-border transactions and digital asset services.

Ripple had previously secured authorization to operate in the United Arab Emirates' international payments sector, which handles over $40 billion annually.

Now, it is enhancing its regional partnerships to solidify adoption.

Local firms such as the digital bank Zand and the fintech startup Mamo are poised to be among the first to utilize RLUSD in practical applications.

Also Read: Ethereum Books Record Institutional Inflows, XRP Sees Outflows: What Is Going On?

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The company is also working with Ctrl Alt, a digital infrastructure provider, and the Dubai Land Department on initiatives to tokenize property ownership documents on the XRP Ledger.

RLUSD, launched in December 2024, is fully backed by U.S. dollar reserves and approved by the New York Department of Financial Services.

It was initially made available on Uphold and later added to platforms like Kraken.

Currently, RLUSD has a market capitalization of $310 million and competes in a global stablecoin market valued at $250 billion, largely led by Tether's USDT/USD and Circle's USDC/USD.

Jack McDonald, Ripple's senior vice president of stablecoins, said the DFSA's green light reflects the company's dedication to supporting Dubai's ambitions in digital financial leadership.

Reece Merrick, Ripple's regional managing director, noted an uptick in institutional interest for crypto-related payment and custody services across the Middle East.

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