rewrite this content using a minimum of 1000 words and keep HTML tags
Join Our Telegram channel to stay up to date on breaking news coverage
Ripple’s stablecoin RLUSD has been approved by Dubai’s regulator for use in its Dubai International Financial Centre (DIFC), the Middle East’s leading international financial hub.
“Another milestone as we expand our footprint in the DIFC and across the UAE,” Ripple said in response to the approval in a June 3 X post.
RLUSD Could Soon Be Used By Nearly 7,000 Companies
The approval means that RLUSD can be used by the nearly 7,000 Dubai Finanical Services Authority(DFSA)-regulated companies that operate in the DIFC, Ripple said in its announcement.
Ripple added that the DFSA greenlight means the company can cater to the “huge interest from businesses of all sizes for cross-border payments and digital asset custody solutions“ in the Middle East and Africa (MEA) region.
The development also builds on the company’s growing footprint in the Middle East. Ripple’s recent partnerships include agreements with local banks and payments firms including Zand Bank and Mamo.
It has also teamed up with Ctrl Alt for a tokenization project for Dubai’s Land Department, which will see real estate title deeds tokenized on the XRP Ledger.
Ripple Says UAE Is Perfectly Positioned To Become “Global Hub” For Stablecoins
In the announcement, Ripple shared market data from on-chain analytics firm Chainalysis. The data showed that stablecoin adoption in the UAE saw a 55% year-on-year increase in 2024. This, according to Ripple, is evidence of “strong demand for blockchain solutions that address inefficiencies of traditional payment rails.
Ripple then went on to say that the UAE is “well-positioned” to become a global hub for stablecoin utility and innovation, highlighting the region’s “$400BN+ market for international trade” and its “progressive” regulatory frameworks for digital assets.
Although RLUSD has been approved for use in the DFSA, there are still questions around its adoption. This is especially true when considering that stablecoins issued by Circle, including USD Coin (USDC) and EURC (EURC), have also received approval from the DFSA.
Related Articles:
Best Wallet – Diversify Your Crypto Portfolio
Easy to Use, Feature-Driven Crypto Wallet
Get Early Access to Upcoming Token ICOs
Multi-Chain, Multi-Wallet, Non-Custodial
Now On App Store, Google Play
Stake To Earn Native Token $BEST
250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
