Enterprise blockchain company Ripple has announced that its RLUSD stablecoin has been approved by the Dubai Financial Services Authority (DFSA).
This means that the token can now be legally used within the Dubai International Financial Centre (DIFC), which is a special economic zone in the megacity that was established back in 2004. There are now more than 7,000 companies operating within the DIFC.
RLUSD, which was launched in December, has been pitched as a highly regulated enterprise-grade stablecoin product. As reported by U.Today, it also obtained approval from the New York State Department of Financial Services (NYDFS) on the cusp of the official launch.
In October, Ripple became the first blockchain service provider to obtain the DFSA license. Following the most recent approval, RLUSD will now be directly integrated into that platform.
The companies operating within the Dubai economic zone will also be able to use the stablecoin.
Vladislav Sopov
U.Today Editorial Team