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Ripple’s president Monica Long has published a tweet, highlighting the big moonstone recently achieved by RLUSD in Dubai. She revealed that now all companies licenced by DFSA can use RLUSD now. The Ripple president referred to this event as a big milestone for RLUSD.
7,000 new RLUSD users in Dubai
Monica Long has commented on the Dubai Financial Services Authority (DFSA) approving the recently launched RLUSD stablecoin as a recognised crypto token within the Dubai International Financial Centre (DIFC).
This has strengthened RLUSD’s position in the region greatly as a trusted stablecoin. By this time, RLUSD has already succeeded in achieving the status of one of the few stablecoins approved for use by New York Department of Financial Services (NYDFS). Boasting high transparency, utility, and being backed by USD, cash, and various high-liquid assets on a 1:1 basis, the stablecoin now meets all the requirements of regulators and financial institutions in Dubai and the US.
Not only Ripple can now integrate RLUSD fully into its Ripple Payments system in the DIFC but other companies that have been licensed under Dubai’s world-class DFSA regime can now utilize it as well. At the end of 2024, there were around 7,000 of such companies actively working in the market. They will help integrate RLUSD into Dubai’s fintech ecosystem and into the digital assets the country’s fintech firms and banks actively use.
Ripple continues Dubai expansion
One of the goals of the creation of this asset was using it in cross-border payments, alongside XRP, to make them faster, cheaper, and more efficient. And this is what Ripple has started using it for already.
According to the press release shared by Monica Long in her tweet, the region experienced a 55% year-on-surge in stablecoin transactions last year, which was interpreted as a massive demand for blockchain solutions that solve all the issues and inefficiencies of conventional payment systems. Besides, Dubai boasts a $400+ billion market for international trade, which makes it an attractive environment for RLUSD use. Thus, Ripple is expanding its integration in the UAE which started several years ago.
Vladislav Sopov
U.Today Editorial Team