Key Notes
- Dubai Financial Services Authority recognizes RLUSD as a crypto token.
- RLUSD will be used in a special business area in Dubai.
- Stablecoins are now worth over $250 billion.
The Dubai Financial Services Authority (DFSA) has officially recognized Ripple USD (RLUSD), Ripple’s enterprise-grade stablecoin, as a legitimate crypto token.
According to a press release published on Zawya, RLUSD can be used within the Dubai International Financial Centre (DIFC) as a payment tool.
The DIFC is like a “finance city” within Dubai, adhering to global standards to attract businesses from around the world, with its own legal and financial regulations. Companies in DIFC can do banking, trading, investing, and crypto services in a trusted and well-regulated environment.
Moreover, the approval allows Ripple to integrate RLUSD into its DFSA-licensed payment solutions. This move supports Dubai’s vision of becoming a global hub for digital assets.
DFSA sets a precedent for other jurisdictions to consider similar integrations, which could potentially accelerate global crypto adoption.
What You Should Know About RLUSD
Ripple distinguishes its stablecoin with its regulation-first approach and its 1:1 US dollar backing. This makes RLUSD attractive to most crypto users, especially institutional investors.
Despite being less than six months old (RLUSD launched on Dec. 17, 2024), Ripple’s stablecoin has already attracted a market cap of over $300 million.
RLUSD is currently listed on leading exchanges like Bitget, Gemini, Kraken, and Bitstamp, to name a few.
In February, Ripple joined forces with Revolut, a neo-bank and fintech company, and Zero Hash, a financial infrastructure provider, to compete with leading stablecoins like USDT and USDC.
According to data from CoinMarketCap, RLUSD currently has over 2,800 holders, with 92% of the assets being held in whale addresses.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
