Ripple’s stablecoin, RLUSD, has been approved by the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC), according to a press release issued today. This approval allows DFSA-licensed firms operating in the DIFC to integrate RLUSD into their virtual asset services.
RLUSD is backed 1:1 by US dollars and operates under regulatory oversight from both the DFSA and the New York Department of Financial Services (NYDFS). The stablecoin is designed for enterprise use, particularly in cross-border payments, and is supported by high-quality liquid assets, segregated reserves, external audits, and clear redemption rights.
The approval enables Ripple to embed RLUSD into its DFSA-licensed payments solution, combining blockchain-based infrastructure with a trusted digital dollar. This integration aims to enhance the speed, cost, and efficiency of cross-border payments.
This follows Ripple’s recent partnerships with Zand Bank and Mamo, which have adopted its regulated blockchain-enabled payments offering in the UAE. Additionally, Ripple is collaborating with Ctrl Alt to support the Dubai Land Department’s Real Estate Tokenization Project, which involves tokenising real estate title deeds on the XRP Ledger.
The UAE has seen a 55% year-on-year increase in stablecoin transactions in 2024, driven by a $400 billion international trade market and progressive regulatory frameworks for digital assets. The DFSA’s approval of RLUSD further supports the integration of high-quality stablecoins into Dubai’s digital assets and fintech ecosystem.
