Ripple's RLUSD stablecoin received approval from the Dubai Financial Services Authority (DFSA) as a recognized token. This allows companies in the Dubai International Financial Centre (DIFC) to use RLUSD for virtual asset services. The approval was announced after DFSA granted Ripple a full license to operate in the DIFC on March 13.
The DFSA approval enables DIFC companies to utilize RLUSD for payments and treasury management. The DIFC, a financial district with nearly 7,000 registered businesses by the end of 2024, operates under a crypto framework where only DFSA-recognized tokens can be used. Ripple's RLUSD will also support the Dubai Land Department's (DLD) real estate tokenization initiative, which began its pilot phase on March 19.
RLUSD is among the few stablecoins approved under both the DFSA's crypto token regime and the New York Department of Financial Services (NYDFS) Trust Company Charter, which approved it on December 10. In addition to RLUSD, the DFSA has recognized Circle-issued stablecoins USDC and EURC for use in the DIFC free economic zone. Ripple is collaborating with local partners like Zand and Mamo, anticipating their early adoption of regulated payment services.