Dubai Financial Services Authority Approves Use of Ripple Stablecoin RLUSD
Son Min
Summary
- The Dubai Financial Services Authority announced it has approved the use of Ripple’s stablecoin RLUSD.
- It is expected that RLUSD will be legally used within the Dubai International Financial Centre (DIFC).
- This approval is seen as a foothold for Ripple’s expansion into the Middle Eastern market.
The Dubai Financial Services Authority (DFSA) has reportedly granted approval for the use of Ripple’s stablecoin, Ripple USD (RLUSD).
According to U.Today on the 3rd (local time), the DFSA approved the use of Ripple’s native stablecoin, RLUSD. As a result, RLUSD is expected to be used legally within the Dubai International Financial Centre (DIFC).
The outlet evaluated, "Ripple is positioning RLUSD as a regulator-friendly stablecoin," and added, "This approval serves as a foothold for expanding into the Middle Eastern market."
Meanwhile, the Dubai International Financial Centre is a special economic zone in Dubai, currently home to over 7,000 companies operating in the area.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
![[Exclusive] KakaoBank meets with global custody heavyweight…possible stablecoin partnership](https://media.bloomingbit.io/PROD/news/a954cd68-58b5-4033-9c8b-39f2c3803242.webp?w=250)
![Trump ally Myron, a Fed governor, resigns White House post…pushing for rate cuts until Warsh arrives? [Fed Watch]](https://media.bloomingbit.io/PROD/news/75fa6df8-a2d5-495e-aa9d-0a367358164c.webp?w=250)