In Dubai, on June 4, 2024, Ripple's RLUSD stablecoin received approval from the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC). This marks a significant step for Ripple, enabling the integration of RLUSD into its global payment services in Dubai and the UAE. (Source: Decrypt, June 4, 2024)
This approval makes RLUSD the third stablecoin to be approved under the DIFC's cryptocurrency regime. The DFSA's decision allows other DFSA-licensed firms in the area to incorporate RLUSD into their services. Ripple aims to expand RLUSD's global reach and availability, currently listed on numerous global exchanges and platforms.
RLUSD is available on both the XRP Ledger and Ethereum blockchains, offering flexibility for various financial applications. The New York Department of Financial Services has also granted RLUSD a limited purpose trust company charter. Since its launch in December, RLUSD has become the 20th-largest stablecoin, with a market cap of $333.6 million.
Ripple's MD for the Middle East, Reece Merrick, anticipates that stablecoins will increasingly be used for real-time international payments. Ripple's payment network processes over $70 billion to date, covering more than 90% of global FX. RLUSD has recorded over $10 billion in trading volume since its launch.