The financial regulator of the Dubai Financial Services Authority (DFSA), Dubai International Financial Center (DIFC) has approved Riple’s RLUSD STABLECOIN.
After approval, DIFC companies can now use RLUSD StableCoin for various virtual asset services. These may include payment, treasury management and services.
DIFC is an independent economic zone and financial district that serves companies across the Middle East, Africa and South Asia. The financial sector had around 7,000 registered businesses by the end of 2024.
Under the crypto framework of DIFC, only tokens recognized by DFSA can be used in the regulated ecosystem of the district.
Ripple sees “huge interest” from UAE businesses
Ripple said that the interest of business crypto solutions in UAE is increasing rapidly. “The UAE’s digital economy is vibrant and incredibly dynamic,” said Ris Merick, managing director of Ripple for the Middle East and Africa.
“We are seeing heavy interest from all sizes of businesses for cross -border payments and digital asset detention solutions,” Merric said.
Ripple said it is working with several local partners, including Digital Bank Zand and Fintech platforms Mamo, which is expected to be the initial adoption of the company’s regulated payment services.
In addition, Ripple said that RLUSD would support the real estate tokening initiative of the Dubai Land Department. The company said the project would record the title deed on XRP laser.
On March 19, the Dubai Land Department (DLD) announced that it was Pilot phase started Its Real-Estate Tokening Project. The project aims to be a registration unit to implement blockchain-based tokens on property titles.
Connected: Dubai Govit agencies to connect real estate registry with property tokens
Ripple expands global operations
RLUSD StableCoin approval follows Ripple’s recent DFSA licensing. On March 13, the company said it was Full license received To work in DIFC.
RLUSD DFSA’s crypto token regime and New York Financial Services (NYDFS) Trust is one of some stabilcoins approved globally under the New York Department of Charter. On 10 December, Nydfs Approves StableCoin,
In addition to RLUSD Stablecoin, DFSA is Recognized circle-jari stablecoins USDC (USDC) And EURC (EURC) and DIFC approved their use in the free economic sector.
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