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binancecoin
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$668.55 -0.46%
solana
Solana (SOLANA)
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XRP (RIPPLE)
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shiba-inu
Shiba Inu (SHIBA-INU)
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pepe
Pepe (PEPE)
$0.000012 -5.58%
bonk
Bonk (BONK)
$0.000016 -6.91%
bitcoin
Bitcoin (BITCOIN)
$104,573 -0.83%
ethereum
Ethereum (ETHEREUM)
$2,606 -1.21%
binancecoin
BNB (BINANCECOIN)
$668.55 -0.46%
solana
Solana (SOLANA)
$152.68 -2.61%
ripple
XRP (RIPPLE)
$2.19 -2.19%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000013 -2.24%
pepe
Pepe (PEPE)
$0.000012 -5.58%
bonk
Bonk (BONK)
$0.000016 -6.91%
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RLUSD Secures Approval From Dubai Financial Services Authority

Highlights:

  • The Dubai Financial Services Authority has given RLUSD the green light for use in the Dubai International Financial Centre.
  • RLUSD is backed 1:1 by US dollars with strict reserve management.
  • More than 7,000 firms registered in DIFC are now able to use RLUSD for digital asset services.

Ripple’s stablecoin RLUSD has been approved by the Dubai Financial Services Authority (DFSA) to be recognized for use in the Dubai International Financial Centre (DIFC). With this approval, RLUSD can now use Dubai’s advanced set of regulations. With approval, RLUSD joins other stablecoins that follow strict regulations, such as a New York Department of Financial Services (NYDFS) Trust Company Charter.

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RLUSD is fully backed 1:1 by U.S. dollars kept in high-quality and highly liquid assets. Reserve management is done according to official rules and assets are properly segregated. Additionally, regular and independent audits are done to confirm the company’s reserves. Because of these safeguards, RLUSD is considered dependable by large institutional and enterprise users. Because of the approval, Ripple can add RLUSD to its DFSA-licensed services, aiming to speed up and decrease the cost of international payments.

The decision is part of Dubai’s plans to become a major worldwide hub for digital assets and blockchain progress. The DIFC hosts more than 7,000 companies, which increases the demand for regulated digital tokens. By approving RLUSD, the DFSA creates better opportunities for stablecoins to become popular in Dubai’s growing fintech industry.

RLUSD Supports Enterprise-Level Blockchain Payments

Unlike stablecoins made primarily for retail users, RLUSD is mainly developed for enterprise needs. Its focus on architecture is to increase the speed of international payments, make fees lower, and improve transparency. Because RLUSD relies on stable dollar backing and cutting-edge blockchain technology, it builds an infrastructure for world-scale payment networks.

Being approved by the DFSA, DIFC-licensed firms may use RLUSD for their virtual asset business activities. Consequently, this makes Ripple better positioned in Dubai’s digital industry. Ripple’s stablecoin fits well with its other products on the blockchain, such as its work with local banks and projects dealing with tokenized real estate on the XRP Ledger.

Reports show that stablecoin transactions in the UAE went up by 55% in 2024 over the previous year. This rising trend comes from more people choosing digital solutions to address flaws in traditional banking. The UAE has a strong position in international trade, worth $400 billion, and one of the world’s most supportive systems for crypto regulation. Because of these conditions, Dubai serves as a key hub for introducing RLUSD.

Ripple’s Stablecoin Role in Dubai’s Growing Digital Asset Ecosystem

Ripple’s managing director for the Middle East and Africa pointed out that the UAE has advanced in digital assets and is leading the way in the region. The approval of RLUSD by the DFSA shows more trust and support for the region’s crypto industry. Moreover, the collaboration between Ripple and Zand Bank as well as Mamo, testifies to more companies exploring blockchain payments.

In addition, Ripple is also backing the Dubai Land Department’s plan of tokenizing real estate titles on the XRP Ledger. This program demonstrates how blockchain can be used practically in Dubai’s government services. The strong compliance and transparency of RLUSD encourage businesses to use reliable digital currencies.

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